A US-based exporter anticipated receiving €100 million in six months, and took a short forward position, ocking-in an exchange rate of $1.38/€. If after six months, at maturity, the exporter calculates that she has made a profit of $2 million from the hedging strategy, the spot exchange rate at maturity must be
(a) $ 0.50/€.
(b) $ 1.36/€
(c) $1.40/€
(d) $ 2.00/€