Techniques for Hedging Receivables. SMU Corp. has future receivables of 4,000,000 New Zealand dollars (NZS) in one year. It must decide whether to use options or a money market hedge to hedge this position. Use any of the following information to make the decision. Verify your answer by determining the estimate (or pr 2. distribution) of dollar revenue to be received in one year for each type of hedge. Spot rate of NZS S54. One-year call option: Exercise price One-year put option: Exercise price $50, premium-$07 $.52, premium $.03 U.S. New Zealand One-year deposit rate 996 6% TOne year borrowing rate Rate Probability $50 20% 51 50 .53 Forecasted spot rate of NZS 30