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 2 percent, and the Swiss risk-free rate is 5 percent. Assume that interest rates are expected to remain fixed over the next six months. The current spot rate is $0.5994. 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 0 5951 c. It is now 30 days since the U.S. company entered into the forward contract. The spot rate is $0.38. 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