You are the treasurer of Arizona Co. and must decide how to hedge future receivables of 350,000 Australian dollars (A$) 180 days from now. Put options are available with a premium of $.02 per A$ and an exercise price of $.50 per A$. The forecasted spot rate for A$ in 180 days is: Spot Rate in 180 Days Probability. $.46 20% $.48 30% $.52 50% The 180-day forward rate of the A$ is $.50. What is the probability that the put option hedge will be exercised (assuming Arizona purchased it)? 0% 50% 80% None of the above