13. Cosgrove Manufacturing Company just sold products to a German company for 1,275,000. Cosgrove is worried that the dollar might strengthen against the euro in the 30 days until the account will be collected, so it decides to hedge the transaction at the 30-day forward rate of $1.2310/. If it turns out that 30 days later the spot rate is $1.20/, how much is the future dollar proceeds using forward hedging and the futures dollar proceeds without hedging respectively?

a. $1,569,525 $1,569,525 b. $1,569,525 $1,530,000 c. $1,530,000 $1,569,525 d. $1,593,750 $1,569,525