A call option exists on British pounds with an exercise price of $$1\mathrm{.}60,$ a $90-$day expiration date, and a premium of $$\mathrm{.}03$ per unit. A put option exists on British pounds with an exercise price of $$1\mathrm{.}60,$ a $90-$day expiration date, and a premium of $$\mathrm{.}02$ per unit. You plan to purchase options to cover your future receivables of $700,000$ pounds in $90$ days. You will exercise the option in $90$ days $($if at all$).$ What option will you buy $($call or put$)?$ At maturity $(90$ days later$)$ the spot rate of the pound is $$1\mathrm{.}57.$ Determine the amount of dollars to be received, after deducting payment for the option premium.