American Airlines is trying to decide how to go about hedging CHF80 million in ticket sales receivable in 300 days. Suppose it faces the following exchange rates:

• Spot Rate: USD 1.0335/CHF
• Forward Rate (300 days): USD 1.0017/CHF

Which of the following is closet to the hedged value of American Airlines' ticket sales using a forward market hedge?

a.

USD80,928,430

b.

USD79,864,230

c.

USD80,136,000

d.

USD77,406,870

e.

USD82,680,000