4. (Ch, 5) Rasis Risk. A Japanese inveator has owed AUD 3M as the Australian debt. We asume the value of this debe will always be AUD (the Australian dollar) 3M, and there are no eatra cash flows in the AUD. On September 12, the isvestor docided to hedge foreign exchange risk using December AUDJPY fatares (where JPY means the Japanese yen). The market quotes for spot and forward exchange nates on September 12 were: Fse 12. De =9.4.0 Today, on October 12, the investor wants to caumine his position. He observes: Fou 12, Dor =98.1 (AUDJPY). Soa u =99.0 (AUDJPY) a. What is the JPY change in this investor') underlying position (AUD 3M debt) from September 12 wo October 127 (5 pointa) b. What is the basis of this future contract on September 127 (2 points) c. What is the basis of this fithare coniract on October 1272 points) d. What is the IPY change in this investors hodging position using AUDJPY funares from September 12 to Octuber 127 ( 5 points) c. What is the JPY change in this investork overall position futures from Sepicmber 12 to October 12 ? (s points) f. Is this hedge by future contracts perfest? (I point) Why? (2 points) g. Can you link the concepts berween basis and forward premiam (nop: annaliurod)? (2 points)