Assume that Patton Co. will receive 100,000 New Zealand dollars (NZ$) in 180 days. Today's spot rate of the NZ$ is $.50, and the 180-day forward rate is $.51. A put option on NZ$ exists with an exercise price of $.51, a premium of $.02, and a 180-day expiration date. The forecasted spot rate of the NZ$ in 90 days is $0.48 with probability 10%, $0.49 with probability 60%, and $0.55 with probability 30%. The probability that the put option will be exercised is ______. The estimated cost of currency put hedging in $ is _____.

		70%; $54,200
		30%; $47,500
		30%; $51,500
		70%; $50,200