The current spot exchange rate is $1.551.00 and the three-month forward rate is $1.60/1.00. Consider a three-month American put option on 25,000 with a strike price of $1.50/1.00. If you pay an option premium of $1,200 to buy this option, at what exchange rate will you break-even?

None of the answers is correct

$1.502 /1.00

$1.452/1.00

$1.640/1.00

$1.648/1.00