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The problems are based on 15 ed 10.7 Krystal. Kryotal is a U 5,-based compary that manufactures, sells, and installs water purification equipanent. On Agril 11, the cuenpany sold a system to the Cify of Nagasaki, Iapan, for installation in Nagasaki' tamoas Glever Gardens (where Procoini's Madame Eutterfly waited for the return of Lt. Pinkertool. The sale was priced in yen at vo.000,000, with payment due in three months. Note that the interent rate ditferentials vary slightly trom the forwand discounts on the yen because of time differences for the quotes. The spot \$118 253/5, for example, is a mid-point range. On Apeil 11, the spot yen traded in London trom 7118.30/5 to y117.550/5. Aquatech's Japanese competitors are currently borrowing yen from Japanese banks at a spread of two percentage points above the lapanese money tate. Kryatal's weighted average cost of capital is 16%, and the company wishes to protect the dollar value of this receivable. 3-month options are available from Kyushu Bank call option on 720,000.000 at exercise price of 7118.00/5; a 1% premium; or a put option on v20,000,000, at exercise price of 118.00/5: a 3% premium. a. What afe the coats and benefis of alternative hedges? Which would you recommend, and whiv? b. What is the break-even reinvestment rate when comparing forward and money market aliernativer