A firm has a payable of 700,000.00. They hedge this exposure with a forward participation contract with a guaranteed rate of $1.6429/ and a participation rate of 50%. If at the time of payment the spot price ends up equal to $1.7579/, how much will the firm have to pay?

Group of answer choices

$1,109,780

$1,150,030

$1,230,530

$1,190,280

None of the alternatives