Montclair PLC a UK firm plans to use a money market hedge to hedge its payment of $3,000,000$ Australian dollars for Australian goods in one year. The UK interest rate is $7\%$ while the Australian interest rate is $12\%.$the spot rate of Australian dollar is $0\mathrm{.}45,$ while one year forward rate is $0\mathrm{.}44.$ Determine the amount of British pounds needed in one year if a money market hedge is used. Is money market hedge or forward hedge preferable? Explain