Consider a U.S.-based company that exports goods to Switzerland. The U.S. company expects to receive payment on a shipment of goods in three months. Because the payment will be in Swiss francs, the U.S. company wants to hedge against a decline in the value of the Swiss franc over the next three months. The U.S. risk-free rate is 3 percent, and the Swiss risk-free rate is 6 percent. Assume that interest rates are expected to remain fixed over the next six months. The current spot rate is $0.5991. a. Whether the U.S. company should use a long or short forward contract to hedge currency risk. Long position in forward contract Short position in forward contract b. Calculate the no-arbitrage price at which the U.S. company could enter into a forward contract that expires in three months. (Do not round intermediate calculations. Round your answer to 4 decimal places.) No-arbitrage price c. It is now 30 days since the U.S. company entered into the forward contract. The spot rate is $0.41. Interest rates are the same as before. Calculate the value of the U.S. company's forward position. (Negative amounts should be shown with a minus sign. Do not round intermediate calculations. Round your answer to 4 decimal places.) Forward position