a) a short position in a currency forward contract
Explanation:
If you have long exposure, then you hedge it with short exposure in forward market. In future options, you need to pay a premium, but in the forward market, you don't need to pay any premium and it can be customized.
Ivan's marginal benefit if he decides to stay open for six hours instead of five hours is $20. The marginal benefit can be solved by subtracting the total revenue of the equivalent hours.
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Risk management or mitigation is the identification and the evaluation and prioritizing if the uncertainty that is followed by the minimize monitor and control the impacts or maximize the relational of opportunities. The best method is to obtain full information and avoid the impacts of the risk.