Given the prices of options for CD, if you believe that CD is going to appreciate and you have payables worth CD 50,000 to be made in the future, which of the following positions would you rather take and how much do you need to pay/receive today to hedge against such a risk?

Sell 73 Jul Call option and receive $40

Buy 73 1/2 Sep Put option and pay $1,130

Buy 73 Jul Call option and pay $40

Buy 73 Sep Put option and receive $1,130

OPTIONS PHILADELPHIA EXCHANGE Calls Puts .Vol. Last Vol. Lest 50.000 Canadian Dollars-cents per unit. N Sep 1.05 72%2 JuI 0.13 721/2 Sep 1. JuI 9.08 Sep 1.75 731/2 Sep 2.26 751/2 Sep 1:1:8: 8 3.95 761/2 Sep 4. 8