Dell $($a U$.$S$.$ based company$)$ has entered a contract that calls for the company to export computers to $$koda Auto $($a Czech Republic company$).$ The contract will be invoiced in Euros. We will ignore the exchange risk for $$koda$.$ The amount of the contract is $5,500,000$ payable in one$-$year. The current U$.$S$.$ interest rate is $3\%$ per annum and the Euro interest rate is $6\%$ per annum. The current spot exchange rate is US$$1\mathrm{.}12/,$ and the one$-$year forward rate is US$$1\mathrm{.}06/.$ Further, Dell can buy call options at a cost of US$$\mathrm{.}0175/$ with an exercise price of US$$1\mathrm{.}10/$ and put options with a cost of US$$\mathrm{.}0275/$ and an exercise price of US$$1\mathrm{.}075/$ Compute the net proceeds in US$ for Dell's accounts receivable using each of the following techniques $($SHOW ALL WORK$).$ Which technique should be used? Why?

a$.$ Hedge receivables with a forward contract

b$.$ Hedge receivables with a money market strategy

c$.$ Hege receivables with options

d$.$ Which technique should be used and why?