Assume you are an exporter in Turkey. You have sold drones worth of $50,000,000. Your receivable in US dollars is due in three months. Three-month maturity TRY interest rate is 17% (annual) and same maturity USD interest rate is 5% (annual). For simplicity assume that the borrowing and lending interest rates are the same. Spot exchange rate is 19.41TL/USS and three-month forward exchange rate is 22.86TL/US\$ in the foreign exchange market. The company is cash rich and has no outstanding loans. There are also currency options available in the financial market. Exercise price of a call option with a maturity of 3 months is 23.00 TL per USS. The call premium is 0.25 TL per USS. Exercise price of a put option with a maturity of 3 months is 23.00 TL per US\$. The put premium is 0.50 TL per USS. If you would like to use options for hedging this receivable, you need to buy options on 50,000,000 USD. Since the premium is TRY per USD, total premium paid today for $50 million position is million TRY. (use 2 digits) Equivalent cost in 3 mos is million TRY. (use 2 digits) When exchange rate is than 23 , the option will be exercised at strike price 23TRY/USD and \$50million receivable will be 1,150,000,000 TRY from/to the option writer, which will be the revenue for the receivable. If th exchange rate will be than the strike price, then the option will not be exercise and instead the $50 million will be at the spot market which is more advantageous. Hence the revenue after option premium cost will be billion TRY. (use 3 digits)