For a multinational corporation (MNC), _____________ exposure can be mitigated by using ____________ , ____________, and _______________, while _______________ exposure results from the changes in operating cash flows caused by an unexpected change in _________________ over time.

a. operating; forwards, money market hedge, options; transaction, exchange rates

b. transaction; money markets, options, swaps; operating, interest rates rates

c. transactions, FRAs, FX futures, interest rate swaps; transalation, valuation adjustment

d. transaction; forwards, money market hedge, options; operating, exchange rates