The put premium on a 134 Aug Euro European put contract is 2.25 and the size of one contract is 10,000. Ignoring time value of money effect, show the net terminal value of a long position in one 134 Aug Euro European put contract at a terminal spot price of 127 (U.S. cents per euro cents).

a. 4.75

b. $475

c. -2.25

d. 700