An Australian exporter WA Co. will receive 5.75 million Chinese yuan (CNY) from a Chinese importer Sing Tao in one year. WA Co. analyses the different hedging strategies (forward, money market and options) using the market information in the following Table 1 to minimise its exchange rate risk for the Australian dollar (A$) cash flow.

TABLE 1

For Chinese yuan (CNY)

Spot rate

A$0.5133/CNY

One-year forward rate

A$0.5815/CNY

One-year CNY deposit and borrowing rate

8.05%

One-year call options

Exercise price = A$0.55

Premium = A$0.03

One-year put options

Exercise price = A$0.61

Premium = A$0.06

For Australian dollar (A$)

Spot rate

CNY2.6458/A$

One-year forward rate

CNY2.3416/A$

One-year A$ deposit and borrowingrate

4.73%

One-year call options

Exercise price = CNY2.03

Premium = CNY0.20

One-year put options

Exercise price = CNY1.76

Premium = CNY0.11

Calculate the A$ proceeds from the forward hedging strategy based on the information in Table 1.

(enter the whole number without sign and symbol).