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(a) The current FX quote between Australian dollar and the US dollar, AUD/USD, is 0.7020, while the exchange rate between the Euro and the US dollar, EUR/USD, is 1.0163. If an Australian firm received 2 million Euros from its exports, how much Australian dollars will they receive if they convert the Euros? (3 marks)

(b) An Australian manufacturer is planning to import supplies from Singapore in the next three months. Discuss two (2) different ways that the manufacturer can hedge against the currency risk as they are required to pay for the supplies in Singapore Dollars. (2 marks)