Describe how foreign currency options can be used for hedging in the situation considered in Section $1\mathrm{.}7$ so that $($a$)$ ImportCo is guaranteed that its exchange rate will be less than $1\mathrm{.}5700,$ and $($b$)$ ExportCo is guaranteed that its exchange rate will be at least $1\mathrm{.}5300.$ Use DerivaGem to calculate the cost of setting up the hedge in each case assuming that the exchange rate volatility is $12\%,$ interest rates in the United States are $5\%$ and interest rates in Britain are $5\mathrm{.}7\%.$ Assume that the current exchange rate is the average of the bid and offer in Table $1\mathrm{.}1.$