1. Today is the expiration day of a put option on the Swiss franc that you purchased two weeks ago when the spot rate was $1.0308/SF. The strike rate on the option is $1.0310/SF and the premium was $0.0300/SF.
   1. What were the intrinsic value and the time value of the put at the time of purchase?
   2. If todays spot rate is $1.0416/SF, would you exercise? Why? How much would your payoff be? How much would your profit/loss be?
   3. Repeat part b under the assumption that todays spot rate is $1.0108/SF.
   4. At what expiration spot rate would you break even?