Marson, Inc., has some customers in Canada and frequently receives payments denominated in Canadian dollars $($C$$).$ The current spot rate for the Canadian dollar is $$0\mathrm{.}76.$ Two call options on Canadian dollars are available. The first option has an exercise price of $$0\mathrm{.}71$ and a premium of $$0\mathrm{.}05.$ The second option has an exercise price of $$0\mathrm{.}74$ and a premium of $$0\mathrm{.}02.$ Marson, Inc., would like to use a bear spread to hedge a receivable position of C$$56,000,$ which is due in a month. Marson is concerned that the Canadian dollar may depreciate to $$0\mathrm{.}73$ in one month.

Describe how Marson, Inc., could use a bear spread to hedge its position.

Marson Inc. would construct a bear spread by the option with the $$0\mathrm{.}71$ exercise price and the option with the $$0\mathrm{.}74$ exercise price to construct the bear spread.

Assume the spot rate of the Canadian dollar in one month is $$0\mathrm{.}73.$ Was the hedge effective? Round your answer to the nearest dollar.

The hedge have been successful and would result in a total cash flow of $ $.$