Part B One of the non-USD FX exposures in Peter's portfolio is JPY. Peter regularly adjusts his portfolio's JPY position based on his short-term forecast. Peter predicts JPY will appreciates by 4% against AUD over the next 90 days. The FX spot rate is 84.03 (1 AUD = 84.03 JPY). Peter is considering the following 90-day European options to increase JPY exposure in the following 90 days and simultaneously minimize his cash flow to create option portfolio Choice 1: Buy call option on JPY with 87.72 strike price and Sell call with 89.84 strike price Choice 2: Buy call option on JPY with 84.03 strike price and Sell call with 87.72 strike price Choice 3: Buy call option on JPY with 84.03 strike price and Sell call with 89.84 strike price Determine which Choice most likely satisfy Peter's objective at expiration and justify why the OTHER TWO CHOICES are NOT suitable (No more than 50 words)