Grayon, Inc. exports products to a German firm and will receive payment of 400,000 in three months. On June 1, the spot rate of the euro was $1.12. Assume the following currency contracts are available on June 1. The 3-month forward rate was $1.10. One-year put options on Euros are available, with an exercise price of $1.11 and a premium of $0.03 per unit. One-year call options on Euros are available with an exercise price of $1.08 and a premium of $0.02 per unit. Given the information, determine whether a forward hedge, or currency options hedge (specify call or put options) would be most appropriate. How much in dollars will Grayon receive in three months? Please show all the steps to explain the decision