Characterize how Porsche's E cash flows , net of variable costs , obtained from its North American sales depend on the spot exchange rate that prevails at the end of November 2009 , if :" a ) Porsche does not hedge its currency exposure at all ; 6 ) Porsche hedges by selling forward USS equal to the amount of expected 2009 sales with a two - year forward contract ; C ) Porsche hedges by buying two - year European at- the-money put options on USS ( providing* to Porsche the right to sell USS , receiving E , at the strike exchange rate ) in sufficient quantity to have the right to sell an amount of USS equal to the expected 2009 sales