d. Utica Inc. is a U.S based MNC that purchased its raw materials from Belgium. Utica Inc. also generates a portion of its sales from exporting to Belgium. Utica Inc. expects the possible exchange rates for Belgium Euro () over the period of concern: (1) = $0.50, (2) = $0.55 and (3) = $0.60. Assume the Belgium earnings will be remitted to the U.S parent at the end of the period. Ignore possible tax effects. Referring to the table below for Utica Inc. Assess the degree of exposure and how the company is affected by the possible scenarios. Forecasted sales and Expenses (in Millions of US dollars and Euro) U.S Business Belgium Business Sales $800 800 Cost of materials 500 100 Operating expenses 300 0 Interest expense 100 0 Cash flow -$100 700 (14 marks)