In Example 10.2, a forward contract was used to establish a derivatives hedge to protect Centralia from a translation loss if the euro depreciated from 1.1000/ $1.00 to 1.1786/$1.00. Assume that an over-the-counter put option on the euro with a strike price of 1.1393/$1.00 (or $0.8777/1.00) can be purchased for $0.0088 per euro. Show how the potential translation loss can be hedged with an option contract.