Hedging With Put Options. As treasurer of Universal Inc. (a U.S. exporter to Singapore), you must decide how to hedge (if at all) future receivables of 260,000 Singapore dollars 90 days from now. Put options are available for a premium of $ 0.03 per unit and an exercise price of $ 0.48 per Singapore dollar. The forecasted spot rate of the S$ in 90 days follows:

Future Spot Rate	Probability
$0.44	30%
$0.40	50%
$0.38	20%

a) Provide a probability distribution for U.S. dollars to be received in 90 days.

b) What is the expected value of the put option?