Ozfood Pty Ltd, a cookie manufacturing company based in Sydney, has received an order today, i.e. 7 October 2014, to sell 10,000 boxes of its best-selling product to a Japanese client. The amount to be paid by the client is 3.45 million AUD, but the invoice needs to be issued in Japanese Yen (JPY) At today's FX price of 1 AUD = 100 JPY, the amount invoiced is therefore 345 million JPY and will be payable on January 7th 2015. Laurie, Ozfood's treasurer, is considering whether to hedge her receivable or not, and has received the following quotations from her bank: (c) Using the transaction selected above, compare the net proceeds in AUD received by Ozfood under the various hedging strategies ("do nothing", forward and option) when AUD/JPY on 7th January 2015 is 98, 100 or 103. Results must be presented in the table below