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 ASD 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? (c) Is an appreciation of the U.S. dollar in the next six months good or bad news for the importer? Why? (d) Is a depreciation of the U.S. dollar in the next six months good or bad news for the importer? Why? Assume the importer negotiates a 180-day forward rate with an Australian bank at AYD 1.32 (e) Describe and quantify cash-flows at time 0 and in 180-days (importer/bank)