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Calculate Daniel profit or loss

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Question - Daniel is a speculator who buys a British pound call option with a strike price of $1.40 and a December settlement date. The current spot price as of the date is $1.39. Daniel pays a premium of $0.012 per unit for the option. Just before the expiration date, the spot rate of the British pound reaches $1.41. Calculate Daniel's profit or loss.

Reference no: EM132997755

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