Fox, Co. granted its employees options for 70,000, $2 par common shares on January 1, 2017, when the share market price was $10 compared to the option exercise price of $11. The options cannot be exercised before January 1, 2020 and expire on December 31, 2024. Each option has a market value of $9 at the grant date based upon an option pricing model. On December 31, 2020, employees exercise 65% of the options when the market price of the stock is $17. Regarding these options, how much cash does Fox receive from 2017 through 2020?
$773,500
$500.500
$409,500
None
$455,000