Embraer of Brazil. Embraer of Brazil is one of the two leading global manufacturers of regional jets $($Bombardier of Canada is the other$).$ Regional jets are smaller than the traditional civilian airliners produced

by Airbus and Boeing, seating between $50$ and $100$ people on average. Embraer has concluded an agreement with a regional U$.$S$.$ airline to produce and deliver four aircraft one year from now for $$81$ million.

Although Embraer will be paid in U$.$S$.$ dollars, it also possesses a currency exposure of inputs$-$it must pay foreign suppliers $$19$ million for inputs one year from now $($but they will be delivering the

subcomponents throughout the year$).$ The current spot rate on the Brazilian real $(R$$$)$ is $R$$$\frac{1\mathrm{.}8019}{\text{\$}},$ but it has been steadily appreciating against the U$.$S$.$ dollar over the past three years. Forward contracts are

difficult to acquire and are considered expensive. Citibank Brasil has not explicitly provided Embraer a forward rate quote, but has stated that it will probably be pricing a forward off the current $4\mathrm{.}75\%$ U$.$S$.$ dollar

eurocurrency rate and the $10\mathrm{.}50\%$ Brazilian government bond rate. Advise Embraer on its currency exposure.

How much of net cash position in Brazilian reais will Embraer receive in one year without a hedge if the expected spot rate in one year is expected to be $R$$$\frac{1\mathrm{.}8019}{\text{\$}}?$

$R$$ $($Round to the nearest whole number.$)$