You wish to hedge the exchange rate risk on a foreign receivable of 2,140,000 euros. You decide to do this with a long option whose underlying asset is the euro. If this option has a strike of $1.19/euro, a multiple of 20,000 euros, and a per-contract (i.e. per 10k euros) premium of $253, then what is the least number of dollars you could possibly expect to net from this hedged receivable?

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