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 preminum of $0.09 . If the spot price in 3 months is $1.32/GBP how much will the corporation receive in total ? ( answer in $)

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