Each of the following U.S. firms is expected to generate $40 million in net cash flows (after including the estimated cash flows from international sales if there are any) over the next year. Ignore any tax effects. Each firm has the same level of expected earnings. None of the firms have taken any positions in exchange rate derivatives to hedge their exchange rate risk. All payments for international trade by each firm will occur one year from today. Computer Ltd. has ordered imports from Mexico, and its imports are invoiced in Mexican pesos. The dollar value of the payables (based on todays exchange rate) from its imports during this year is $25 million. It has no international sales. Laptop Ltd. has ordered imports from Barbados, and its imports are invoiced in U.S. dollars. The dollar value of the payables from its imports during this year is $20 million. Laptop also ordered imports from Chile and these imports are denominated in Chilean pesos. The dollar value of these payables is $35 million. Laptop has no international sales. Tablet Inc. ordered imports from Israel, and its imports are invoiced in Israeli New Shekel. The dollar value of the payables (based on todays exchange rate) from its imports during this year is $65 million. In addition, Tablet exports to Guyana and its exports are denominated in Guyanese dollars. The dollar value of the receivables (based on todays exchange rate) from its exports during this year is $35 million. Calculator Ltd. ordered imports from Malta, and these imports are invoiced in euros. The dollar value of the payables (based on todays exchange rate) from its imports during this year is $32 million. Based on this information, which firm is exposed to the most exchange rate risk? Explain. (10 marks)