A U.S. firm holds an asset in Spain (which uses EUR) and faces the following scenario: Probability 25% P* State 1 6,815.25 7,513.36 State 2 Spot rate $1.31/ $1.29/FF $1.27/FF $1.25/FF 6,348.00 25% 8,153.24 State 3 State 4 25% P $1,899.50 $1,935.00 $1,676.40 $1,562.50 25% Given that P* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset, what is the amount of exchange exposure faced by this U.S. firm? 1,450 1,500 1320 1250