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1、TEXASTECHUNIVERSITYSECONDSUMMER2012RAWLSCOLLEGEOFBUSINESSAREAOFFINANCEFIN4328–001–62167–InternationalFinanceDr.DanışoğluHomework#4DueonThursday,August2,2012AnAmericanfirmowes7millionMexicanPesosin30daysaspaymentforrawmaterialsimportedfromMexico.Thecompanyisconce
2、rnedaboutitsforeignexchangerateriskassociatedwiththispayableandislookingintodifferentwaysofmanaging/reducing/eliminatingthisrisk.Thefollowinginterestandexchangeratequotesareavailableinthemarket:30-dayPesointerestrate(perannum)15%30-dayDollarinterestrate(perannum
3、)7.5%SpotexchangerateMex$10.93/$30-dayforwardexchangerateMex$11.03/$PriceofCalloptionondollars(30-daymaturity;X=Mex$11.03/$)3centsperdollarPriceofPutoptionondollars(30-daymaturity;X=Mex$10.83/$)1centperdollarI.Answerthefollowingquestionsbasedontheinformationabov
4、e:1.WhathedgingoptionsareavailabletotheAmericanfirm?Explainindetail.TheAmericanfirmcoulduseaforwardmarkethedge,moneymarkethedge,orcalloptionontheMexicanpeso(aputoptionwouldbeworthlessastheAmericanfirmneedstobuy,notsell,pesostomakeitspesopayment).2.Whatisthehedge
5、dcostoftheAmericanfirm'spayableusingaforwardmarkethedge?Showallcalculations.Inotherwords,whatdollarcostofthepayablecantheAmericanfirmlockinusingtheforwardcontract?Bybuyingpesosforward,theAmericanfirmcanlockinadollarcostof$634,632.82(7,000,000/11.03).3.Whatistheh
6、edgedcostoftheAmericanfirm’spayableusingamoneymarkethedge?Showallcalculations.TheAmericanfirmcanhedgeitspayablebyborrowingthedollarequivalentofthepresentvalueoftheMex$7millionpayable,whichequalsMex$6,913,580(7,000,000/1.0125),convertingthedollarstopesosatthecurr
7、entspotrateandinvestingtheproceedsatthe1.25%monthlypesointerestrate(15%/12).Mex$6,913,580translatesto$632,532.48atthecurrentspotrateofMex$10.93/$(Mex$6,913,580/10.93).Thisinvestmentisfinancedbyborrowingthesedollarsatthemonthlyrateof0.625%(7.5%/12).Attheendof30da
8、ys,theAmericanfirmwillpayoffthisdollarloan.Thecostofdoingsois$636,485.8($632,532.48*1.00625).TheresultfromthismoneymarkethedgeistheequivalentofbuyingforwardtheMex$7mi
