2. Assuming Baker agrees to the new

2. Assuming Baker agrees to the new Novo sale, determine the present value of the expected future cash inflow assuming: (1) there is no hedge, (2) the company hedges using a forward contract, and (3) the company hedges using the money market. Finding a present value is necessary for the following reason: With no hedge or a with forward-contract hedge, the cash flow will occur at the time of payment by Novo. With the money-market hedge, Baker receives a cash flow immediately.

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2. Dato Baker convenit novae Novo Sale, determinare praesens valorem expectata futura cash influit in formam: (I) non est sepis, (II) comitatu contractum deinceps per sepes, et (III) ad comitatu per sepes pecuniam foro. Inveniens praesens valor est necessaria de causa cum deinceps ex contractu vel sepes sepis futura cash flow tempore solucionis a novo. In foro cum sepe pecunia, Baker accipit immediate a cash flow.