7. Referring to the bidding illustration in section III, consider the scenario of a dollar devaluation to SFF.S(tc) = 4.97 on June 1, 1992 and a forward rate of FFF.S(tc + 90) = 5.01. What is the FF payoff for Marcel Dassault S.A. under the three alternative hedging strategies of

(a) using overlapping forward contracts, (b)

using a put option on a forward FF purchase contract, and

(c) purchasing the COFACE insurance policy?