Suppose a US-based MNC does business in both Peru and Chile. Their analysis of exchange rate correlations suggests that the Peruvian New Sol (PEN) and the Chilean Peso (CLP) are highly correlated in their movements against the USD. Which of the following scenarios would produce the HIGHEST level of exchange rate risk? Net cash inflows in both PEN & CLP Only cash inflows in both PEN CLP Net cash outflows in PEN & net cash inflows in CLP Only cash outflows in CLP and only cash inflows in PEN