Apple co is an UK co and banana co is a co based in US. Apple co is going to pay Banana 4.8m dollars in 4 months. Apple co is now considering use currency option to hedge potential risk. The spot rate is 1.5938$/£. Currency option available to Apple co is as follows. Contract size is 62500£, exercise price quotation: US$/£. premium: cents per £. call option put option exercise price 3month 6month 3month 6 month 1.6 1.55 2.25 2.08 2.23 Calculate how much Apple co need to pay