1. 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 minimize its exchange rate risk for the Australian dollar (A$) cash flow. Calculate the minimum A$ proceeds for the options hedging strategy based on the market information in Table 1 (enter the whole number without sign and symbol)

TABLE 1 For Chinese yuan (CNY) Spot rate A$0.3755/CNY One-year forward rate A$0.5381/CNY One-year CNY deposit and borrowing rate 8.48% One-year call options Exercise price = A$0.52 Premium = A$0.03 One-year put options Exercise price = A$0.58 Premium = A$0.06 For Australian dollar (A$) Spot rate CNY3.5909/A$ CNY1.9180/A$ One-year forward rate One-year A$ deposit and borrowing rate 4.71% One-year call options Exercise price = CNY1.64 Premium = CNYO.17 One-year put options Exercise price = CNY1.65 Premium = CNYO.14