Suppose that Boeing Corporation exported a Boeing 747 to Lufthansa and billed 10 million payable in one year. The money market interest rates and foreign exchange rates are given as follows: U.S. Interest Rate=6.10% per annum

Eurozone Interest Rate=9.00% per annum

Current Spot Rate= $1.5000/

One Year Forward Rate= $1.4600/

Assume that Boeing sells a currency forward contract of 10 million for delivery in one year, in exchange for a predetermined amount of U.S. dollar. Suppose that on the maturity date of the forward contract, the spot rate turns out to be $1.40/ (i.e. less than the forward rate of $1.46/). Which of the following is true?

a.	Boeing would have received only $14.0 million, rather than 14.6 million, had it not entered into the forward contract.
b.	Boeinggained $0.6 million from forward hedging.
c.	Both a and b are correct.
d.	None of the above is correct.