A company hedged forward on the FOREX futures market by buying 10 million Euros at EUR/AUD at 0.64 to pay for a BMW delivery in Germany. At expiration, in one year, the spot EUR/AUD was 0.625. What were the cash flows?

	a.	Spot cost of BMWs -$ 15,625,000 Futures payoff -$ 375,000 Net payout -$ 16,000,000
	b.	Spot cost of BMWs $16,000,000 Futures payoff -$ 375,000 Net payout $15,625,000
	c.	Spot cost of BMWs -$ 16,000,000 Futures payoff +$ 375,000 Net payout -$ 15,625,000
	d.	Spot cost of BMWs -$16,000,000 Futures payoff -$ 375,000 Net payout -$15,625,000