(ii) Usain Ltd, based in Denmark, manufactures T-Shirt and are then exported to several countries. One of its main customers, Bolt Ltd, is based in United States and generally benefits 2 months of credit facilities. On 30th September, Usain Ltd has exported a consignment worth $ 1,500,000 to Bolt Ltd on credit (2 months). Due to the recent pandemic, Covid-19, the foreign exchange is fluctuating and Usain Ltd's treasury manager has decided to buy options to hedge the receipt of $ 1,500,000. The details of the currency options are as follows: Spot Rate: $ 1 = kr 6.30 Strike price: $ 1 = kr 6.15 Contract size: $ 100,000 Premium cost per contract (in kr cents per $): Calls Puts October November October November 1.50 1.77 2.25 2.40 NOTE: Kr means the Danish Krone and is the currency used in Denmark. REQUIRED Calculate the receipt of Usain Ltd if the spot rate in November is: (a) $1 = kr 6.35 (b) $ 1 = kr 6.10