In regard to the table that Dr. Miles constructed, which

Jackson Inc. is a multinational company based in West Point, Mississippi, that makes freight cars. One-third of Jackson€™s sales occur in the Netherlands. To manufacture the cars, the firm must import approximately half of the raw materials from Canada. Two months from now, Jackson plans to sell freight cars to a Dutch firm for ‚¬15 million. To protect the company from any adverse moves in exchange rates, Jackson enters into a ‚¬15 million futures contract due in 60 days. Jackson also enters into a 60-day futures contract to lock in C$8.5 million, which will be used to purchase steel from a supplier. The current euro to U.S. dollar is ‚¬0.79/$ while the Canadian dollar to U.S. dollar is C$1.30/$. The 60-day euro to U.S. dollar rate is ‚¬0.80/$, while the Canadian dollar to U.S. dollar rate is C$1.33/$. At the end of the two months, the actual euro to U.S. dollar ‚¬0.90/$ and the actual Canadian dollar to U.S. dollar rate is C$1.20/$. To understand the relationships, Jackson€™s chief risk officer, Dr. Charles Miles, has put together the following table on hedging currency positions:

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