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A U.S. corporation has purchased currency put options to hedge a 70,000 pound () receivable. The premium is $0.02 and the exercise price of the

A U.S. corporation has purchased currency put options to hedge a 70,000 pound () receivable. The premium is $0.02 and the exercise price of the option is $0.50. If the spot rate at the time of maturity is $0.65, what is the total amount received by the corporation if it acts rationally?

A. $44,100

B. $36,400

C. $46,900

D. $35,000

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