ScholaticBooks, aU.S. firm, sells merchandise today to a British company for 100,000.The current exchange rate is $2.03/, the account is payable in three months, and the firmchooses to hedgebypurchasing a 100,000 put optionwhich givesScholastic Booksthe right to sell the 100,000 accounts receivable in 90 days (options hedge).Assume the option strike price is $2.01/ , and the option premium is $0.020//.This means that the cost of the option is $4,020 and the FV of the cost of the option in 90 days is $4100.40.

Assumethe exchange rate in 90 days is $1.99/, andScholastic Booksexercises the option.What is Scholastic Book's net proceeds?

you should round your answer to two decimals (cents)