MK. will receive SF1,028,000 in 30 days. Use the following information to determine the total dollar amount received (after accounting for the option premium) if the firm purchases and exercises a put option:
Exercise price                                 =  $0.59
Premium                                           =  $0.05
Spot rate                                         =  $.60
Expected spot rate in 30 days          =  $.56
30-day forward rate                         =  $.62