yen using the forward contract described in case Appendix A or the currency option described in case Appendix B. Assume that you lock in these contracts at the forward price implied by interest-rate parity for September 1995. Draw the payoffs to the position at maturity for each alternative with the exchange rate defined in USDIJPY X 10,000 units (i.e., the same units as the currency option is quoted). What do you see as the trade-offs between the alternatives