Could you show me the steps to solve this please: Hedging Problem: $$To receive credits, you have to show the detailed procedure that take you to the partial results and to the conclusion. $(20$ points$)$ Apple, Inc. expects to receive S$$1,500,000$ in $1$ year.$$ The existing spot rate of the Singapore dollar is $$0\mathrm{.}64.$ The $1$ year forward rate of the Singapore dollar is $$0\mathrm{.}66.$ Apple created a probability distribution for the future spot rate in $1$ year as follows: Future Spot Rate Probability $$0\mathrm{.}6530\%$ $$0\mathrm{.}6740$ $$0\mathrm{.}7130$ Assume that $1-$year put options on Singapore dollars are available, with an exercise price of $$0\mathrm{.}67$ and a premium of $$0\mathrm{.}03$ per unit. Assume the following money market rates: U$.$S$.$ Singapore Deposit rate$9\%6\%$ Borrowing rate$107$ Instructions: Given this information, determine whether a forward hedge, a money market hedge, or a currency options hedge would be most appropriate. Then compare the most appropriate hedge to an unhedged strategy, and decide whether Apple should hedge its receivables position.$$