Underlying value of an option is

		the value of an option based on the strike price less premium paid.
		the latest spot rate of the underlying currency.
		the expected financial gain of the option at the maturity date.
		the premium price of an option.
		the financial gain if the option is exercised immediately.

Which of the following is not a factor in the determination of the value of a foreign currency option?

		the exercise price of the foreign currency option
		the spot rate of exchange
		the time remaining to the expiration date of the option
		the volatility of the exchange rate
		the exchange rate regime of the subject currency