You are a commodity producer, contracted to sell 100,000 in the spot market in three months. The current spot price is $83.80. A swap quoted by the dealer is Bid 75, Ask 82.50. In addition, the following options are available:

05/08/78	Expire	Strike	Call	Put
83.80	In three months	65.00	18.92	0.03
83.80	In three months	70.00	14.07	0.17
83.80	In three months	75.00	9.60	0.68
83.80	In three months	80.00	5.88	1.95
83.80	In three months	85.00	3.19	4.24
83.80	In three months	90.00	1.52	7.57
83.80	In three months	95.00	0.64	11.69
83.80	In three months	100.00	0.24	16.28
83.80	In three months	105.00	0.08	21.12
83.80	In three months	110.00	0.02	26.06

If the spot price of the commodity in three months drops to $70, which of the following hedging strategies will generate the highest gain on the derivative position?

a. Sell the swap to the dealer

b. Buy the put with strike price $85

c. Buy the put with strike price $85 and write a call with strike price $85

d. Leave the position unhedged