Arnold International Inc. (AI), headquartered in California, just bought electronic equipment from a supplier in Japan for JPY 100,000,000 with the payment due in three months. The current spot rate is JPY118/USD and the 3-month forward rate is JPY115/USD. Al can hedge the payment of JPY 100,000,000 by entering into a forward contract to Buy JPY 100,000,000 and deliver (sell) USD 847,457.63 in 3 months Deliver (sell) JPY 100,000,000 and buy USD 847,457.63 in 3 months Buy JPY 100,000,000 and deliver (sell) USD 862,068.97 in 3 months Buy JPY 100,000,000 and deliver (sell) USD 869,565.22 in 3 months Deliver (sell) JPY 100,000,000 and buy USD 862,068.97 in 3 months