Suppose you took a long position on a put option with an exercise price of $$1\mathrm{.}95$ per pound and paid a premium of $$0\mathrm{.}20$ per pound.

Required:

a$.$ If the spot exchange rate turns out to be $$2\mathrm{.}10$ per pound on the maturity date, is the put option in$-,$ at$-,$ or out$-$of$-$the$-$money?

b$.$ If the spot exchange rate turns out to be $$2\mathrm{.}10$ per pound on the maturity date, will you exercise this option?

c$.$ If the spot rate at maturity turns out to be $$1\mathrm{.}90$ per pound, is the contract in$-,$ at$-,$ or out$-$of$-$the$-$money?

d$.$ If the spot rate at maturity turns out to be $$1\mathrm{.}90$ per pound, will you exercise this option?

$\backslash$table$[[,$Spot Rate $$2\mathrm{.}10,$Spot Rate $$1\mathrm{.}90$