pdf tate Markup TopSurf, a U.S. manufacturer of surfing boards has chosen Thailand as its primary export target for Blazing, TopSurf's primary product. Moreover, TopSurf's primary customer in Thailand, Sanuk Ltd, has committed itself to purchase 180,000 Blazing annually for the next 3 years at a fixed price denominated in baht, Thailand's currency. Due to quality and cost considerations, TopSurf also imports some of the rubber and plastic components needed to manufacture Blazing from Thailand. In recent years, Thailand has experienced weak economic growth and political uncertainty. As investors lost confidence in the Thai baht as a result of the political uncertainty, they withdrew their funds from the country. This resulted in an excess supply of baht for sale over the demand for baht in the foreign exchange market, which put downward pressure on the baht's value. As foreign investors continued to withdraw their funds from Thailand, the baht's value continued to deteriorate. Since TopSurf has net cash flows