Find the value of the put for Mr. Smith described in Example 15.9. Example 15.9 (A foreign

Find the value of the put for Mr. Smith described in Example 15.9.

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Example 15.9 (A foreign currency put) Mr. Smith, a successful but cautious U.S. businessman, has sold a product to a Japanese firm, and he will receive payment of 10 million Japanese yen in 6 months. Currently the exchange rate y is $825 per yen. To protect the value of this anticipated payment, Mr. Smith is considering the purchase