Suppose that on 6/1 you learn that you are to receive SF1000 on July 31st. You decide to hedge your FX risk using SF forwards that expire on July 31st. Given the following data, how many dollars will you have on 7/31? The forward prices refer to forward contracts that expire on 7/31.

6/1: S = $0.9250/SF F = $0.9400/SF

7/31: S = $0.8975/SF F = $0.8975/SF

Group of answer choices

$940

$925

none of the options

$897.50