JT Corporation, located in the United States, has an accounts payable obligation of 875 Yen million payable in one year to a bank in Tokyo. The current spot rate is 116 Yen/$1.00 and the one year forward rate is 109 Yen/$1.00. The annual interest rate is 3 percent in Japan and 6 percent in the United States. XYZ can also buy a one-year call option on yen at the strike price of $0.0086 per yen for a premium of 0.012 cent per yen. What is the future dollar cost of meeting this obligation using the call option hedge?

a. $3,234,530

b. $15,266,208

c. $6,545,000

d. $7,633,104

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