Burton Co, bosed in the United States, considers a project in which it has an initial outlay of $2 milion and expects to receive 9 million Swiss francs (SE) in one year. The spot rate of the franc is $0.81. Burton Co. decides to purchase put options on Swiss francs with an exercise price of $0.78 and a premium of s0.03 per unit to hedge its receivables. It has a required rate of return of 22 percent. 1. Determine the net present value of this project for Burton Co. based on the forecast that the Swiss franc will be valued at so.70 at the end of one year Do not round inkermediate calculationt. Round your aniwer to the nearesk dollar. 2. Assume the same information as in part (a), but with the following adjustment. While tiorton expected to recelve 9 milion Swiss franes, assume that there were unexpected weak econamic condibons in Siltrerland after Burton intiated the project. Consequently, Burton received only 4 million Swiss francs at the end of the year. Also ossume that the spot rate of the tranc at the end of the year was \$0.79. Determine the fet present value of this project for Burton Co, it these condibiens occur Do nat round intermediate calculations. Aound your answer to the nearest dollor