The current spot exchange rate is $1.33 = 1.00 and the three-month forward rate is $1.31 = 1.00. You buy a put option on 62,500 with a strike price of $1.38 = 1.00 and pay an option premium (price) of $5000. At expiration, at what exchange rate will you break-even? $1.46 = 1.00 $1.41 = 1.00 $1.39 = 1.00 $1.30 = 1.00 $1.25 = 1.00 $1.23 = 1.00