3. (40 points) Apple Inc. has a battery contract with a Singapore supplier. Apple Inc. will pay 30 million Singapore dollars (SS) and is due in three months. The current spot and 3-mont forward exchange rates are $O.73/SS. Draw Apple's expected future cash flow in Singapore dollars on a time line. a. b. Form a forward market hedge. Indicate how the hedge eliminates foreign exchange exposure by identifying the forward contract's cash inflows and outflows on a time line. The Singapore Exchange (SGX) trades s/SS future contracts that expire in five months with a contract size of S$25,000. You estimate 3-102 based on the regression st + B futy+e. The r of this regression is 0.97. How many S/SS future contracts should you buy to minimize the risk of your hedged position? c. Please describe the differences between currency forward contracts, currency future contracts, currency option, and currency swap contracts. d. 3. (40 points) Apple Inc. has a battery contract with a Singapore supplier. Apple Inc. will pay 30 million Singapore dollars (SS) and is due in three months. The current spot and 3-mont forward exchange rates are $O.73/SS. Draw Apple's expected future cash flow in Singapore dollars on a time line. a. b. Form a forward market hedge. Indicate how the hedge eliminates foreign exchange exposure by identifying the forward contract's cash inflows and outflows on a time line. The Singapore Exchange (SGX) trades s/SS future contracts that expire in five months with a contract size of S$25,000. You estimate 3-102 based on the regression st + B futy+e. The r of this regression is 0.97. How many S/SS future contracts should you buy to minimize the risk of your hedged position? c. Please describe the differences between currency forward contracts, currency future contracts, currency option, and currency swap contracts. d