Which of these hedging strategies should be used when for A/R and A/P respectively?

A/R

Unhedged:

@So = 10,000,000 pounds x $1.2402/pound = $12,402,000

@F30=10,000,000 pounds x $1.2420/pound = $12,420,000

@E(S30) =10,000,000 pounds x $1.3000/pound = $13,000,000

Forward Contract:

@F= 10,000,000 pounds x $1.2420/pound = $12,420,000

Money Market Hedge:

Borrow PV of 10,000,000 pounds @ 1+(4.25%/12) = 1.0035

10,000,000 pounds / 1.0035 = 9,965,122 pounds

@ $1.2402 = $12,358,744

Invest $12,358,744 x 1+(2.25%/12 = 0.0019) = $12,382,226

Put Option:

P+I = $105,000 x (1+ (5.25%/12) = $105,462

If exercised: 10,000,000 pounds x $1.2500/pound = $12,500,000

$12,500,000 - $105,462 = $12,394,538

Break-even: A/R x strike price = $12,382,226 - $105,462

Sb= $1.2277/pound

A/P

Unhedged:

@So= 8,000,000 euro x $1.1038/euro = $8,830,400

@F30=8,000,000 euro x $1.1108/euro = $8,886,400

E(S30)=8,000,000 euro x $1.0800/euro = $8,640,000

Forward Contract:

8,000,000 euros x $1.1108/euro = $8,886,400

Money Market Hedge ( borrow $, invest euro):

Invest: 8,000,000 euros @ 1+(1.50%/12) = 1.0013

Spot $: = 7,989,614 euros @ $1.11038/euro = $8,818,936

Borrow: $8,818,936 / (1+(5.25%/12) = $8,857,739

Call Option:

P+I = $90,000 x (1+(5.25%/12) = $90,396

If exercised: 8,000,000 euro @ $1.1000/euro = $8,800,000 + $90,396 = $8,890,396

Break-even: A/P x strike price = $8,886,400 - $90,396

Sb= $1.0995/euro