Calculate the expected cash flows (and standard deviation, where appropriate) for all hedging possibilities. You need to identify the best possible hedging technique. You will receive 4 points for each correct calculation (64=24) and 6 points for the correct identification of the most appropriate hedging technique. Company X has payables of 3,234,569 Yen in 3 months. The spot JPYUSD is 0.0086 . Forecast indicates that the Yen could either end up with a value of $0.0081 ( 34% chance), a value of $0.0084 ( 28% chance) or a value of $0.0093 ( 38% chance). The US interest rates are: deposit 3.23% and borrowing 3.45% and the Yen rates are: deposit 4.68% and borrowing 4.76%.3-month forwards on the Yen are priced for $0.0086. Put options with 3 months expiration and strike price of $0.0089 are available for a premium of USD $0.000026 and call options with 3 months expiration and strike price of $0.0084 are available for a premium of USD $0.000025. In your answer below, you could provide a 48 table (see top right corner of text box) and enter your answer choices the following way