You bought a Dec. 22 call option on euro with a strike price (K) of $1.1800/ in June 22 and paid a premium of $0.01/. The current spot exchange rate for euro is $1.1870/. Contract size = 125,000

(a) (i) What is the profit/loss if the option is exercised at expiration if the spot rate settles at $1.1950/? (ii) if the spot rate settles at $1.1750? The U.S. interest rate is 2%. (b) What is the profit/loss if you sold it in November 22 when it is trading at a premium of $0.02?

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