Baklava Co. and Borek Co. are Turkish companies that engage in much business domestically and are about the same size. They both conduct some international business as well. Baklava Co. has a subsidiary in Greece that will generate earnings of about 20 million euros in each of the next 3 years. Baklava Co. also has a Turkish business that will also receive about 3 million (after costs) in each of the next 5 years as a result of exporting products to Greece that are denominated in the local currency. Borek Company has a subsidiary in Israel that will generate earnings of about 2 million Shekel in each of the next 3 years. Borek Co. also has a business in Turkey that will receive about 30 million Shekel (after costs) in each of the next 5 years as a result of exporting products to Israel that are denominated in their currency (Shekel). Obtain the spot rate for these currencies, and assume that the Euro could appreciate or depreciate against the Turkish lira by about 12% in any given year, while the shekel could appreciate or depreciate by 5% in any given year. Which company is subject to a higher degree of translation exposure? Explain