Suppose Apple contracts to acquire chips from Malaysia. The next delivery of chips will be in April and Apple has contracted to pay 96,000,000 Malaysian Ringgit for these chips. Consider the following alternatives: A futures contract for $0.296 per Ringgit A call option selling for $0.027 with a strike price of $0.283 A put option selling for $0.045 with a strike price of $0.324 a. For each of the above, if you wanted to hedge your position, would you buy or sell the contract? Explain each. b. Construct a table that shows, given the position you say you should take from part a, both the relevant value and the contingent Profit/Loss of the i) futures contract; ii) the value of the call option; and iii) the value of the put option at each of the following spot rates: $0.22, $0.25, $0.28, $0.31, $0.34, $0.37 c. Draw the contingent profits graph for each of the contract positions. Be sure to label/identify any break-even points. d. At which future spot rates (what range) would you prefer to have had the position in the futures contract? e. At which future spot rates (what range) would you prefer to have had the position in the call option? f. At which future spot rates (what range) would you prefer to have had the position in the put option?