Mr. Panzie export books to Australia for AUD 400,000 per quarter. Mr. Panzie wants to set up a USD/AUD hedge that would ensure his ability to meet his USD obligations in the U.S., should the AUD collapse In particular he is very worries about a potential depreciation of AUD against USD in December The spot rate 0.849S USD/AUD. a. Specify what type of options should Mr. Panzie use? b. How many standardized contracts should Mr. Panzie buy? c. Using the information construct: i. At the money (closest in the money) December hedge. ii. Out of the money December hedge