P&G India. Procter and Gamble's affiliate in India, P&G India, procures much of its toiletries product line from a Japanese company. Because of the shortage of working capital in India, payment terms by Indian importers are typically $180$ days or longer. P&G India wishes to hedge an $8\mathrm{.}3$ million Japanese yen payable. Although options are not available on the Indian rupee $($Rs$),$ forward rates are available against the yen. Additionally, a common practice in India is for companies like P&G India to work with a currency agent who will, in this case, lock in the current spot exchange rate in exchange for a $4\mathrm{.}77\%$ fee. Using the exchange rate and interest rate data in the popup window, compare alternate ways below that P&G India might deal with its foreign exchange exposure. Assume a $360-$day financial year.

a$.$ How much in Indian rupees will P&G India pay in $180$ days without a hedge if the expected spot rate in $180$ days is assumed to be $\frac{2\mathrm{.}51456}{?}$ Rs$?\frac{2\mathrm{.}4216}{?}$ ss$?\frac{2\mathrm{.}5661}{?}$ Rs$?$

b$.$ How much in Indian rupees will P&G India pay in $180$ days with a forward market hedge?

c$.$ How much in Indian rupees will P&G India pay in $180$ days with a money market hedge?

d$.$ How much in Indian rupees will P&G India pay in $180$ days with a currency agent hedge?

e$.$ What do you recommend?

a$.$ How much in Indian rupees will P&G India pay in $180$ days without a hedge if the expected spot rate in $180$ days is assumed to be $\frac{2\mathrm{.}51456}{?}$ Rs$?$

Rs $($Round to the nearest whole number.$)$

Data table

$\backslash$table$[[,],[$Spot rate,$],[180-$day forward rate,$\frac{2\mathrm{.}51456}{?}$ Rs$],[$Expected spot, $180$ days,$\frac{2\mathrm{.}4216}{R}s$