A forward contract was used to establish a derivatives “hedge” to protect Centralia from a translation

In Example 14.2, a forward contract was used to establish a derivatives “hedge” to protect Centralia from a translation loss if the peseta depreciated from Ptas140/$1.00 to Ptas150/$1.00.  Assume that an over-the-counter call option on the dollar with a striking price of Ptas145 can be purchased for Ptas1.50.  Show how the potential translation loss can be “hedged” with an option contract.