A firm has a payable of P 22,500,000.00. They hedge this exposure with a forward participation contract with a guaranteed rate of $0.3100 / P and a participation rate of 60%. If at the time of payment the spot price ends up equal to $0.3410 / P, how much will the firm have to pay?

Group of answer choices

$7,672,500

$7,393,500

$6,556,500

$6,975,000

None of the alternatives