Question: Eric is purchasing a put option to hedge his transaction exposure. It has an underlying asset of MXN 239,602, a strike price of USD 0.048

Eric is purchasing a put option to hedge his transaction exposure. It has an underlying asset of MXN 239,602, a strike price of USD 0.048 per MXN. What is his payoff on this option if at maturity the spot rate is USD 0.048 per MXN, and the present value of the option premium is USD 3,221? Please give your answer to the nearest US dollar

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