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TBT purchased Canadian dollar put options for the purpose of hedging C$ 1 million receivables.If these options are exercised, TBT will sell at the strike

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TBT purchased Canadian dollar put options for the purpose of hedging C$ 1 million receivables.If these options are exercised, TBT will sell at the strike price the Canadian dollars received from receivables.Each option was purchased for a premium of $.03 per unit, with an exercise price of $.79.The option's expiration date coincides with the settlement date for the receivables.TBT will exercise the options at that time only if it is feasible to do so.In the following table, fill in the net revenue from C$ 1 million receivables with put options, i.e. the revenue after taking into account the option premium paid by TBT, based on the listed possible spot rates of the Canadian dollar on the expiration date.

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Possible Spot rate of Canadian Dollar Net revenue from C$ 1 million receivables on expiration date $0.76 0.78 0.80 0.82 0.85 0.87

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