A firm in the UK has agreed to buy goods from an importer in the USA at an invoiced price of $250,000.Of this amount, $100,000 will be payable on shipment, $75,000 one month after shipment and $75,000 three months after shipment. The quoted foreign exchange rates ($ per ) at the date of shipment are as follows.

Spot1.390 - 1.392

One month1.387 - 1.390

Three months1.380 - 1.384

The firm decides to enter into appropriate forward exchange contracts through its bank to hedge these transactions. The sterling amount that the firm will pay is _________