Question: Summight Corp., a US based corporation, will receive a payment of GBP 62,500 in three months. To hedge this position, the corporation plans to purchase

Summight Corp., a US based corporation, will receive a payment of GBP 62,500 in three months. To hedge this position, the corporation plans to purchase a put option contract for GBP 62,500 with a strike price of $1.40 and premium of $0.14. If the spot pice in three months is $1.29/GBP, how much will the corporation receive in total? Submit your final answer in dollars rounded to two decimal places (Ex. $0.00 )

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