A firm has a receivable of 700,000.00. They hedge this exposure with a put option with a strike price of $2.2857/. The premium of the option is $0.0914. If at the time of payment the spot price ends up equal to $2.3543/, how much did the firm end up with?

Group of answer choices

$1,599,990

None of the alternatives

$1,584,030

$1,536,010

$1,648,010