The current spot exchange rate is $1.49 = 1.00 and the three-month forward rate is $1.47 = 1.00. You buy a put option on 62,500 with a strike price of $1.54 = 1.00 and pay an option premium (price) of $3750. At expiration, at what exchange rate will you break-even?

Question 23 options:

	$1.48 = 1.00
	$1.43 = 1.00
	$1.41 = 1.00
	$1.60 = 1.00
	$1.55 = 1.00
	$1.53 = 1.00