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Q 7 ( a ) U . S . firm Claremont Steel ordered parts for a generator that were made by a British firm. Claremont

Q7(a) U.S. firm Claremont Steel ordered parts for a generator that were made by a British firm. Claremont Steel was required to pay 10,000 to the British firm on January 8,2018. How many US dollars were required for this transaction [assuming the direct quotes in Q6]?
(b) If Claremont Steels treasure decides to delay purchasing generator parts until next quarter [April 8,2018] due to US$ cash flow issues, but he wants to lock in current rates out of fear that the US$/ rate movements may end up costing him more to buy the parts next quarter. What mechanism can Claremont Steel use to accommodate this desire? How does it work? [use simple language]

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