83. A call option exists on British pounds with an exercise price of $1.60, 90-day

expiration date, and a premium of $.03 per unit. A put option also exists on British

pounds with an exercise price of $1.60, 90-day expiration date, and a premium of

$.02 per unit. You plan to use options to cover your future receivables of

700,000 in 90 days. You will exercise the option in 90 days (if at all). The spot rate

of the pound turns out to be $1.57, 90 days later. Determine the net amount of dollars

to be received from the receivable.