The current spot exchange rate is $1.45 = 1.00 and the three-month forward rate is $1.50 = 1.00. Consider a three-month American call option on 62,500 with a strike price of $1.42 = 1.00. If you pay an option premium of $7,000 to buy this call, at what exchange rate will you break-even?

a. $1.512 = 1.00

b. $1.532 = 1.00

c. $1.550 = 1.00

d. $1.610 = 1.00