Check analytically the equivalence of the two alternative ways to do the following trips:

(a) Financing of international trade: you currently hold a fc claim on a customer payable at T, but you want cash hc instead.

(b) Domestic deposits: you currently hold spot hc and you want to park that money in hc, risk-free.

(c) You want to borrow hc for 3 months.

(d) Immunizing a hc dent: you want to set aside some of your cash hc so as to take care of a future fc debt.

(e) Borrowing fc. You want to borrow fc but a friend tells you that swapping a hc loan is much cheaper