Micca Metals, Inc.Micca Metals, Inc. is a specialty materials and metals company located in Detroit, Michigan. The company specializes in specific precious metals and materials that are used in a variety of pigment applications in many industries including cosmetics$,$ appliances, and a variety of high tinsel metal fabricating equipment. Micca just purchased a shipment of phosphates from Morocco for $6,100,000$ dirhams, payable in six months.Six$-$month call options on $6,100,000$ dirhams at an exercise price of $10\mathrm{.}30$ dirhams per dollar are available from Bank Al$-$Maghrub at a premium of $1\mathrm{.}7\%.$ Six$-$month put options on $6,100,000$ dirhams at an exercise price of $10\mathrm{.}30$ dirhams per dollar are available at a premium of $3\mathrm{.}2\%.$ Using the exchange rate and interest rate data in the popup window,$($Pic bellow$),$ compare alternate ways below that Micca might hedge its foreign exchange transaction exposure.

a$.$ How much in U$.$S$.$ dollars will Micca pay in $6$ months without a hedge if the expected spot rate in $6$ months is assumed to be $10\mathrm{.}30$ dirhams per dollar? $10\mathrm{.}70$ dirhams per dollar?b$.$ How much in U$.$S$.$ dollars will Micca pay in $6$ months with a forward market hedge?

c$.$ How much in U$.$S$.$ dollars will Micca pay in $6$ months with a money market hedge?

d$.$ How much in U$.$S$.$ dollars will Micca pay in $6$ months with an option hedge if the

expected spot rate in $6$ months is assumed to be less than $10\mathrm{.}30$ dirhams per dollar

e$.$ What is your recommendation?