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The problenss are basod on Ifed 10.7 Krystal. Krystal is a U. S. bused company that manudechures, sells, and installs water purification equipment. On Apell 11, the congany sold a system to the City of Nagasalk, Japan, for installation in Nagasabis tamous Glover Gardens (where Puccinirs Madame Butterfly waited for the retum of Lt. Pinkerton). The sale was priced in yen at F20,000,000, with payment due in three months. Note that the interest rate differentials vary stightly from the forward diacounts on the yen because of time differences for thic quotes. The spot 7118.255/5, for example, is a mid-point range. On April 11, the spot yen traded in London from V118.30/5 to 117.550/S. Aquatech's Japanese competitors are currently berrowing yen from Japanese banks at a spread of two percentage points above the Japanese money rate. Krystal's weighted average cost of capital is 16%, and the company wishes to protect the dollar value of this receivable. 3-month options are available from Kyushu Banke call option on 720,000,000 at exerciae price of Y118.00/S: a 1% premium; or a put option on 220,000,000, at exercise price of V118,00/5: a 3\% premium. a. What are the costs and benefits of altemative hedees? Which would you recommend, and wiv? b. What is the break-even reinvestment rate when comparing forward and money market alternatives