Suppose you took a long position on a put option with an exercise price of $$2\mathrm{.}20$ per pound and paid a premium of $$0\mathrm{.}25$ per pound.

Required:

If the spot exchange rate turns out to be $$2\mathrm{.}35$ per pound on the maturity date, is the put option in$-,$ at$-,$ or out$-$of$-$the$-$money?

If the spot exchange rate turns out to be $$2\mathrm{.}35$ per pound on the maturity date, will you exercise this option?

If the spot rate at maturity turns out to be $$2\mathrm{.}15$ per pound, is the contract in$-,$ at$-,$ or out$-$of$-$the$-$money?

If the spot rate at maturity turns out to be $$2\mathrm{.}15$ per pound, will you exercise this option?