You have bid on a contract to build a taller tower in Abu Dhabi than the Burz Khalifa in Dubai, United Arab Emirates (UAE). The cashflow of 50 million dirham (UAE currency) you will receive is contingent on your winning the bid in international-contest. You wish to use put options on the UAE currency to hedge against the currency risk. Which scenarios below should you examine carefully to decide on hedging strategy Buy puts: options are expensive, bid is successful; options are not expensive, bid is unsuccessful; options are expensive, bid is unsuccessful; options are not expensive, bid is unsuccessful! Sell puts: options are in the money, bid is successful; options are out of the money, bid is unsuccessful; options are in the money, bid is unsuccessful; options are out of money, bid is unsuccessful! Sell puts: options are expensive, bid is successful; options are not expensive, bid is unsuccessful; options are expensive, bid is unsuccessful; options are not expensive, bid is unsuccessful! Buy puts: options are in the money, bid is successful; options are out of the money, bid is unsuccessful; options are in the money, bid is unsuccessful; options are out of money, bid is unsuccessful! You have bid on a contract to build a taller tower in Abu Dhabi than the Burz Khalifa in Dubai, United Arab Emirates (UAE). The cashflow of 50 million dirham (UAE currency) you will receive is contingent on your winning the bid in international-contest. You wish to use put options on the UAE currency to hedge against the currency risk. Which scenarios below should you examine carefully to decide on hedging strategy Buy puts: options are expensive, bid is successful; options are not expensive, bid is unsuccessful; options are expensive, bid is unsuccessful; options are not expensive, bid is unsuccessful! Sell puts: options are in the money, bid is successful; options are out of the money, bid is unsuccessful; options are in the money, bid is unsuccessful; options are out of money, bid is unsuccessful! Sell puts: options are expensive, bid is successful; options are not expensive, bid is unsuccessful; options are expensive, bid is unsuccessful; options are not expensive, bid is unsuccessful! Buy puts: options are in the money, bid is successful; options are out of the money, bid is unsuccessful; options are in the money, bid is unsuccessful; options are out of money, bid is unsuccessful