BAF Limited is involved in international business. It has the following receivables and payables:

Table A: Total receivables US$10 million

Market	Exchange rate	Expected amount in GHC
Spot rate	GHC1.5/$	X
1 month Forward rate	GHC1.4/$	Y
3 month forward rate	GHC1.71/$	Z

Table B: Total payables 20 million

Market	Exchange rate	Expected amount in GHC
Spot rate	GHC1.5/	C
1 month Forward rate	GHC1.4/	D
3 month forward rate	GHC1.71/	E

1. Will BAF Limited hedge its receivables through leading or lagging strategy?
2. Will BAF Limited hedge its payables through leading or lagging strategy?
3. Indicate its cash flows for X, Y and Z.
4. Indicate its cash flows for C, D and E.