On December 1, 20x1 Pimlico U.S.A. made sales to a customer in India and recorded Accounts Receivable of 10,000,000 rupees. The customer has until March 1, 20x2 to pay. On December 1, 20x1, Pimlico paid $500 for a put option to sell rupees at a strike price of $2.30 per 100 rupees on March 1, 20x2, which was the spot rate on December 1, 20x1. Pimlico designated the option as a fair value hedge of the account receivable. On December 31, 20x1, when Pimlico prepared financial statements, the spot rate was $2.80 per 100 rupees and the option premium was $0.004 per 100 rupees. The Indian customers payment of 10,000,000 rupees was received on March 1, 20x2, when the spot rate was $2.45 per 100 rupees. What was the fair value of the option on March 1, 20x2?