Your company expects to receive 6,000,000 Japanese yen 90 days from now. You decide to hedge your position by selling Japanese yen forward. The current spot rate of the yen is $.0096, while the forward rate is $.0097. You expect the spot rate in 90 days to be $.011. How many dollars will you receive for the 6,000,000 yen 90 days from now if you sell yen forward?

(1) Does the company expect the yen to appreciate or depreciate in the next 90 days?

(2) Calculate how many dollars the company will receive for the 6,000,000 yen 90 days from now.

(3) Would the company prefer to receive payment today? Why or why not?