Translation Exposure. Assume the euro's spot rate is presently equal to $0.8. All of the following corporations are based in the US and are similar size. Although these corporations concentrate on business in the U.S., their entire foreign operations for this quarter are provided here. Alphabet Inc. expects its exports to cause cash inflows of 9 million euros and imports to cause cash outflows equal to 3 million euros. Beta Co has a subsidiary in Portugal that expects revenue of 5 million euros and has expenses of 1 million euros. Charlie Corp. expects exports to cause cash inflows of 9 million euros and imports to cause cash outflows of 3 million euros. It will repay the balance of an existing loan equal to 2 million euros. Delta expects zero exports and expects imports to cause cash outflows of 11 million euros. Which of the four companies described here has the highest degree of translation exposure, and explain why?