2. (Ch. 11) Hedging With Put Options. As treasurer of Killam Corp. (a U.S. exporter to Australia), you must decide how to hedge (if at all) future receivables of AUD 2,000,000 (AUD: Australian dollar) after 90 days from now. Put options are available for a premium of USD .02 per unit and an exercise price of .76 AUDUSD. The forecasted AUDUSD spot rate in 90 days follows: Future Spot Rate (AUDUSD) .77 .74 .70 Probability 30% 50 20 Given that you hedge your position with options, create a probability distribution for USD to be received in 90 days. What is the minimum cash flow in the USD considering both the underlying and hedging positions? (15 points)