The existing spot rate of the Canadian dollar is $.80. The premium on a Canadian dollar put option is $.03. The exercise price is $.84. The option will be exercised on the expiration date if at all. If the spot rate on the expiration date is $.82, the profit as a percent of the initial investment (the premium paid) is:

a) 0 percent b) 25 percent c) 50 percent d) 125 percent e) none of the above