A college is turning into a graduation bear manufacturer to cover its loss due to COVID and needs to import 16 million worth of machinery from Germany. The president is concerned that the exchange rate might move adversely during this time. The president sees the following two options available in the market: A Put option on AUD with a strike price of 1.56/$ with a $192000 premium A Call option on AUD with a strike price of 1.82/$ with a $208000 premium Suppose the president decides to use one of the options to hedge. What is the total cost of the machinery (in $) if the appropriate option is used and exercised (assume it is worthwhile to exercise)?

Select one: a. $10448410 b. $25152000 c. None of the options d. $10064410 e. $8999209