On December 1, 20x7, SM Company sold merchandise to a foreign entity for 150,000 foreign currency units. Payment is due on February 1, 20x8. SM entered into a forward exchange contract on December 1, 20x7 to deliver 100,000 FCUs on February 1, 20x8 for P0.75. SM chose to use a foreign currency option to hedge this foreign currency asset designated as a cash flow hedge. Relevant exchange rates follow: Date Spot rate Option premium December 1, 20x7 0.75 0.06 December 31, 20x7 0.73 0.04 February 1, 20x8 0.72 0.02 How much is the pesos received on February 1, 20x8