Q1. A US importer, IMP, will purchase 500 Italian sports cars on the 15th trading day of FEB, APR, JUL and OCT of 2022. The price is fixed at EUR40,000/car. The current spot exchange rate is S(USD/EUR) = 1.10. The current futures exchange rates for delivery on MAR22, JUN22, SEP22 and DEC22 are: F(USD/EUR) = 1.15; F(USD/EUR) = 1.20; F(USD/EUR) = 1.25; and F(USD/EUR) = 1.30, respectively. Use a time table to describe how IMP opens a strip hedge based on hedge ratio, h = 1. One EUR futures is for the delivery of EUR125,000