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An Australian company (importer) buys wine from California (US). The next order is worth $2 millions and the payment is due in 180 days. The

An Australian company (importer) buys wine from California (US). The next order is worth $2 millions and the payment is due in 180 days. The spot rate is AUD USD 1.30.

(a) Does the importer need to buy or sell U.S. dollars to make the payment? What is the exchange of currencies?

(b) How many Australian dollars does the company need to make the payment through the spot market today?

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