A FI has a $100 million portfolio of six-year Eurodollar bonds that have an 8 percent coupon. The bonds are trading at par and have a duration of five years. The FI wishes to hedge the portfolio with T-bond options that have a delta of -0.757. The underlying long-term Treasury bonds for the option have a duration of 10.1 years and trade at a market value of $98,000 per $100,000 of par value. Each put option has a premium of $1.499 per $100 of face value. What is the total cost of placing the hedge so that the put options hedge the bond portfolio?