Micca Metals, Inc. is a specialty materials and metals company located in Detroit, Michigan. The company specializes
Question:
Micca Metals, Inc. is a specialty materials and metals company located in Detroit, Michigan. The company specializes in specific precious metals and materials which are used in a variety of pigment applications in many other industries including cosmetics, appliances, and a variety of high tinsel metal fabricating equipment. Micca just purchased a shipment of phosphates from Morocco for 6,000,000, dirhams, payable in six months.
Six-month call options on 6,000,000 dirhams at an exercise price of 10.00 dirhams per dollar are available from Bank Al-Maghrub at a premium of 2%. Six-month put options on 6,000,000 dirhams at an exercise price of 10.00 dirhams per dollar are available at a premium of 3%. Compare and contrast alternative ways that Micca might hedge its foreign exchange transaction exposure. What is your recommendation?
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Assumptions Values Shipment of phosphates from Morocco Moroccan dirhams 6000000 Miccas cost of capital WACC 14000 Spot exchange rate dirhams 1000 Sixm...View the full answer
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