in July. A typewriter manufacturer in Illinois has agreed to sell 100 electric typewriters to a Swiss bank for 1,250 Swiss francs each. Payment will be made in three months. The U.S. manufacturer is concerned that the value of the Swiss franc will depreciate against the U.S. dollar in the interim, so the manufacturer decides to hedge. The present cash price for francs is .5334, and the December futures are trading at .5441. Three months later the manufacturer delivers the typewriters and lifts the hedge. Cash francs are then .5228, and December futures are .5335. Ignoring transaction costs, what was the effective price the U.S. manufacturer received for each typewriter?