$3.$ Assume that Porsche considers an alternative scenario to the scenario described in question $2$: A low$-$sales scenario with $30\%$ lower than the expected sales volume. Everything else remains the same as in question $2.$ Assuming different spot exchange rates briefly characterize $($a chart is sufficient$)$ how Porsche$$s EUR cash flows, net of variable costs, obtained from its North American sales depend on the spot exchange rate that prevails at the end of July $2009$ under this alternative scenario, if: a$.$ Porsche does not hedge its currency exposure at all; b$.$ Porsche hedges its currency exposure by selling a USD forward contract at a forward rate of EUR $0\mathrm{.}65/1$USD for the amount of expected $2009$ sales from question $2($and not the sales in the low$-$sales scenario$)$ with a time to maturity of two years; c$.$ Porsche hedges its currency exposure by buying a European put option contract with two years to maturity on USD $($providing Porsche the right to sell USD, receiving EUR, at the strike exchange rate of EUR $0\mathrm{.}65/1$USD$)$ in sufficient quantity to have the right to sell an amount of USD equal to expected $2009$ sales from question $2($and not the sales in the low$-$sales scenario$).$ Assume the premium for the put option is EUR $50,000$ Again, as in question $2,$ a chart adding this additional scenario is enough.