Please show all work and explain everything....

Suppose that you are the treasurer of IBM with an extra U.S. $1.000.000 to invest for six months. You are considering the purchase of U.S. T-bills that yield 1.810% (that's a six month rate, not an annual rate by) the and have a maturity of 26 weeks. The spot exchange rate is $1.00 = yen 100, and the six month forward rate $1.00 = yen 110. The Interest rate in Japan (on an investment of comparable risk) is 13 percent. What is your rategy? Take $1m, invest in U.S. T-bills. Take $1 m, translate into yen at the spot, invest in Japan, and repatriate your yen earnings back into dollars at e spot rate prevailing in six months. Take $1 m, translate into yen at the spot, invest in Japan, hedge with a short position in the forward contract. Take $ 1m, translate into yen at the forward rate, invest in Japan, hedge with a short position in the spot contract