The current spot rate is 5.24 Brazilian real per dollar. Suppose a trader has a view on the Brazilian real against the US dollar, that the dollar is going to depreciate to 4.80 BRL per one USD. The options are for 100,000 BRL.

Option	Strike Price	Premium
Put on real	$0.200 per real	$0.00300 per real
Call on real	$0.200 per real	$0.00300 per real

Which option should the trader buy and what is the Net Profit if the spot rate at the time of expiration indeed is 4.80 reals per one dollar?

Selected Answer:	None of the above
Answers:	buy a Put on the real, and profit $533.33
	buy a Put on the real, and profit $833.33
	buy a Put on the real, and profit $1133.33
	buy a Call on the real, and profit $533.33
	buy a Call on the real, and profit $833.33
	buy a Call on the real, and profit $1133.33
	None of the above