Your U.S. subsidiary is bidding for a piece of real estate in South Africa and has placed a bid of 10m Rand. You will know the outcome of the bidding process in 180 days and wish to hedge your exposure. The spot price is 7.95 R/USD and the futures price is 8.20 R/USD. U.S. and South African interest rates are 3% and 8%. Finally, put and call options are available with a strike price of 0.125 USD/R, and a per Rand cost of 2%. What is the worst-case scenario if you use the options? Be precise about which options you will use.