On June $1,$ Wellmax Co$.($a U$.$S$.-$based company$)$ sold goods to a foreign customer for $1,040,000$ pesos. The customer will pay on September $1.$ On June $1,$ Wellmax bought an option $($strike price $=$ $$0\mathrm{.}066)$ to sell $1,040,000$ pesos on September $1.$ The time value of the option is excluded from the assessment of hedge effectiveness, and the change in time value is recognized in net income over the life of the option. The foreign currency option is designated a fair value hedge. Relevant exchange rates and option premia follow.

Date

Spot Rate

Put Option Premium for September $1($strike price $$0\mathrm{.}066)$

June $1$ $$0\mathrm{.}066$ $$0\mathrm{.}0029$

June $300\mathrm{.}0650\mathrm{.}0024$

September $10\mathrm{.}064$ N$/$A

What is the fair value of the option contract on September $1?$