Determine the dollar cash flows to be received if Jones uses a money market hedge and a put option hedge.

Jones will use the Eurozone borrowing rate.

Dollars at the current spot rate. $\text{USD received today} = €943,396.23 \times \$1.20/\text{€} \approx \$1,132,075.47$

Dollars for one year at the U.S. deposit rate. This will be the dollar cash flow received in one year. $\text{Dollar cash flow in 1 year} = \$1,132,075.47 \times (1 + \text{U.S. Deposit Rate}) = \$1,132,075.47 \times (1 + 0.08) = \$1,132,075.47 \times 1.08 \approx \$1,222,641.51$ The received €1,000,000 in one year will be used to repay the Euro loan.

The dollar cash flow to be received is \boxed{\mathbf{\1,222,641.51}}$.

$\text{Total Premium} = €1,000,000 \times \$0.04/\text{€} = \$40,000$

Calculate the future value of this premium in one year using the U.S. borrowing rate. $\text{Future Value of Premium} = \$40,000 \times (1 + \text{U.S. Borrowing Rate}) = \$40,000 \times (1 + 0.09) = \$40,000 \times 1.09 = \$43,600$

The expected spot rate in one year is $1.22/€, which is less than the exercise price of$1.23/€. Therefore, Jones will exercise the put option. $\text{Dollars from exercising option} = €1,000,000 \times \$1.23/\text{€} = \$1,230,000$

$\text{Net Dollar Cash Flow} = \$1,230,000 - \$43,600 = \$1,186,400$

The dollar cash flow to be received is \boxed{\mathbf{\1,186,400.00}}$.