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A U.S. firm has sold a French firm 1,000,000 worth of product. In one year the U.S. firm gets paid. To hedge, the U.S. firm

A U.S. firm has sold a French firm 1,000,000 worth of product. In one year the U.S. firm gets paid. To hedge, the U.S. firm bought put options on the euro with a strike price of $1.65. They paid an option premium $0.02 per euro. If at maturity, the exchange rate is $1.60, what is the net revenue?

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