An investor is planning to purchase $700$ hundred shares of Orion INC stock in one month. The stock is currently trading at $$75/$share$.$ Call options with strike price $$80$ are available with premium $$2\mathrm{.}25.$ Put options with strike price $$70$ are available with premium $$2\mathrm{.}30.$ The option contracts cover $100$ shares, and expiration of both options matches the exact point in time at which the investor will purchase the underling shares of Orion INC.

Provide a clear written explanation that includes the option positions the investor would take to create a range$-$forward hedge to hedge the anticipated future purchase. Provide a written explanation of the possible outcomes for the investor at the end of the month. Finally, compare the range$-$forward hedge to an alternative strategy of purchasing shares on margin