You forecast that the price of silver will fall over the next 6 months. Consider the following transactions which you can use to speculate upon the price of silver.

I. A purchase of 100 troy ounces of silver at $26 per troy ounce.

II. A sale of a forward contract on 100 troy ounces of silver with a delivery date in 6 months and a forward price of $26 per troy ounce.

III. A purchase of a call option on 100 troy ounces of silver, with an exercise price of $25 per troy ounce, a premium of $1 per troy ounce and an expiration date in 6 months.

IV. A purchase of a put option on 100 troy ounces of silver, with an exercise price of $27 per troy ounce, a premium of $1 per troy ounce and an expiration date in 6 months. If the price of silver in 6 months is $22 per troy ounce, the transactions which will result in a speculative profit are:

a. II and III

b. I and II.

c. II and IV

d. III and IV

e. I and IV.

f. I and III.