Great Lakes Water exports bottled water to Europe. The company expects to receive 2,000,000 euros () in one year from its exports.

The firm expects the following exchange rate scenarios and probabilities:

Scenario	Spot rate in one year	Probability
A	$1.09	0.4
B	$1.16	0.2
C	$1.23	0.4

The spot rate is $1.16 per euro and the one-year forward rate is $1.161 per euro. The U.S. interest rate is 2% and the euro interest rate is 9%.

A put option on euros expiring in one year costs $0.006 per euro and has an strike price of $1.16 per euro.

Question:

If the exchange rate turns out to be $1.3 per euro in one year, what was the cost of hedging if the company followed the optimal strategy identified in the previous part (in $)?