Question: Suppose the current spot rate is $1.29/. What is your payoff if you purchase a down-and-in put option on the euro with a strike price

Suppose the current spot rate is $1.29/€. What is your payoff if you purchase a down-and-in put option on the euro with a strike price of $1.31/€, a barrier of $1.25/€, and a maturity of 2 months? When would someone want to do this?

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