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Mike net profit on the call option

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Mike Suerth sold a call option on Canadian dollars for $0.03 per unit. The strike price was $0.82, and the spot rate at the time the option was exercised was $0.88. Assume Mike did not obtain Canadian dollars until the option was exercised. Also assume that there are 47,000 units in a Canadian dollar option. What was Mike's net profit on the call option? Use a minus sign to enter loss values, if any. Round your answer to the nearest dollar.

Reference no: EM132678509

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