Suppose you are a consultant living in the United States and have been engaged by a French company to perform a market s

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Suppose you are a consultant living in the United States and
have been engaged by a French company to perform a market study,
which should take 18 months to complete. They are planning to pay
you 20,000 euros monthly. The current exchange rate is $0.92 per
euro. You are concerned that the euro will strengthen versus the
dollar and that you will receive fewer U.S. dollars each month. The
French company does not want to have to come up with dollars to pay
you each month and is not willing to agree to a fixed exchange rate
of $0.92 per euro.
a. How could you use swap contracts and a financial intermediary
to eliminate your risk?
b. Suppose that in the sixth month, the spot price of the euro
is $0.90. Without the swap contract, what would be your cash
revenues in dollars? With the swap contract what will they be?
c. Suppose that in the tenth month, the spot price of the euro
is $0.95. Without the swap contract, what would be your cash
revenues in dollars? With the swap contract what will they
be?

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