SlideShare a Scribd company logo
Question 4 (15 points). On March, A Japanese company expected to pay 1 million of USD in July.
The current spot exchange rate is 120 yen per dollar, September futures price is currently 128 yen
per dollar. At the end of July, the spot exchange rate is 122 yen per dollar and September futures
price is 125 yen per dollar. By hedging with the September futures contract, what is the net
exchange rate after hedging? How much the Japanese company will pay in terms of yen after
hedging?

More Related Content

More from ADARSHPATNA

Question 5 Within hybrid zones if the fitness of hybrids is.pdf
Question 5 Within hybrid zones if the fitness of hybrids is.pdfQuestion 5 Within hybrid zones if the fitness of hybrids is.pdf
Question 5 Within hybrid zones if the fitness of hybrids is.pdf
ADARSHPATNA
 
Question 5 Investment Evaluation Mark Zuckerberg was crazy.pdf
Question 5 Investment Evaluation Mark Zuckerberg was crazy.pdfQuestion 5 Investment Evaluation Mark Zuckerberg was crazy.pdf
Question 5 Investment Evaluation Mark Zuckerberg was crazy.pdf
ADARSHPATNA
 
Question 5 28 February 2022 Equipment R20 000 Accumulated D.pdf
Question 5 28 February 2022 Equipment R20 000 Accumulated D.pdfQuestion 5 28 February 2022 Equipment R20 000 Accumulated D.pdf
Question 5 28 February 2022 Equipment R20 000 Accumulated D.pdf
ADARSHPATNA
 
Question 4 You are given the following state table a Dr.pdf
Question 4 You are given the following state table a Dr.pdfQuestion 4 You are given the following state table a Dr.pdf
Question 4 You are given the following state table a Dr.pdf
ADARSHPATNA
 
Question 4 25 points In his speech Hypponen gives examp.pdf
Question 4 25 points In his speech Hypponen gives examp.pdfQuestion 4 25 points In his speech Hypponen gives examp.pdf
Question 4 25 points In his speech Hypponen gives examp.pdf
ADARSHPATNA
 
Question 4 10 points Over the past 25 years an economy to.pdf
Question 4 10 points Over the past 25 years an economy to.pdfQuestion 4 10 points Over the past 25 years an economy to.pdf
Question 4 10 points Over the past 25 years an economy to.pdf
ADARSHPATNA
 
QUESTION 4 UOT Industries has a target debtequity ratio of.pdf
QUESTION 4 UOT Industries has a target debtequity ratio of.pdfQUESTION 4 UOT Industries has a target debtequity ratio of.pdf
QUESTION 4 UOT Industries has a target debtequity ratio of.pdf
ADARSHPATNA
 
Question 4 15pts Which of the following best describes Pbo.pdf
Question 4 15pts Which of the following best describes Pbo.pdfQuestion 4 15pts Which of the following best describes Pbo.pdf
Question 4 15pts Which of the following best describes Pbo.pdf
ADARSHPATNA
 
Question 4 Points A Write the definition of a generic con.pdf
Question 4 Points A Write the definition of a generic con.pdfQuestion 4 Points A Write the definition of a generic con.pdf
Question 4 Points A Write the definition of a generic con.pdf
ADARSHPATNA
 
Question 4 a Let pX VarX be a risk measure associate.pdf
Question 4 a Let pX  VarX be a risk measure associate.pdfQuestion 4 a Let pX  VarX be a risk measure associate.pdf
Question 4 a Let pX VarX be a risk measure associate.pdf
ADARSHPATNA
 
Question 4 In a classroom of 33 students 19 students are w.pdf
Question 4 In a classroom of 33 students 19 students are w.pdfQuestion 4 In a classroom of 33 students 19 students are w.pdf
Question 4 In a classroom of 33 students 19 students are w.pdf
ADARSHPATNA
 
Question 4 12 Marks Several established methods exist to a.pdf
Question 4 12 Marks Several established methods exist to a.pdfQuestion 4 12 Marks Several established methods exist to a.pdf
Question 4 12 Marks Several established methods exist to a.pdf
ADARSHPATNA
 
Question 4 4 pts The following data matrix includes 8 data p.pdf
Question 4 4 pts The following data matrix includes 8 data p.pdfQuestion 4 4 pts The following data matrix includes 8 data p.pdf
Question 4 4 pts The following data matrix includes 8 data p.pdf
ADARSHPATNA
 
QUESTION 4 25 marks Taxes is defined as the levy collected.pdf
QUESTION 4 25 marks Taxes is defined as the levy collected.pdfQUESTION 4 25 marks Taxes is defined as the levy collected.pdf
QUESTION 4 25 marks Taxes is defined as the levy collected.pdf
ADARSHPATNA
 
Question 4 15 Create a list of all the proteins involved i.pdf
Question 4 15 Create a list of all the proteins involved i.pdfQuestion 4 15 Create a list of all the proteins involved i.pdf
Question 4 15 Create a list of all the proteins involved i.pdf
ADARSHPATNA
 
Question 4 14 points Segmentation is another approach to .pdf
Question 4 14 points Segmentation is another approach to .pdfQuestion 4 14 points Segmentation is another approach to .pdf
Question 4 14 points Segmentation is another approach to .pdf
ADARSHPATNA
 
Question 33 Protists the most nutritionally diverse of all.pdf
Question 33 Protists the most nutritionally diverse of all.pdfQuestion 33 Protists the most nutritionally diverse of all.pdf
Question 33 Protists the most nutritionally diverse of all.pdf
ADARSHPATNA
 
Question 30 In the circular flow diagram as resources good.pdf
Question 30 In the circular flow diagram as resources good.pdfQuestion 30 In the circular flow diagram as resources good.pdf
Question 30 In the circular flow diagram as resources good.pdf
ADARSHPATNA
 
Question 22 The QuickBooks Online environment is best descr.pdf
Question 22 The QuickBooks Online environment is best descr.pdfQuestion 22 The QuickBooks Online environment is best descr.pdf
Question 22 The QuickBooks Online environment is best descr.pdf
ADARSHPATNA
 
Question 24 01 pts Epiphytes are plants that attach roots o.pdf
Question 24 01 pts Epiphytes are plants that attach roots o.pdfQuestion 24 01 pts Epiphytes are plants that attach roots o.pdf
Question 24 01 pts Epiphytes are plants that attach roots o.pdf
ADARSHPATNA
 

More from ADARSHPATNA (20)

Question 5 Within hybrid zones if the fitness of hybrids is.pdf
Question 5 Within hybrid zones if the fitness of hybrids is.pdfQuestion 5 Within hybrid zones if the fitness of hybrids is.pdf
Question 5 Within hybrid zones if the fitness of hybrids is.pdf
 
Question 5 Investment Evaluation Mark Zuckerberg was crazy.pdf
Question 5 Investment Evaluation Mark Zuckerberg was crazy.pdfQuestion 5 Investment Evaluation Mark Zuckerberg was crazy.pdf
Question 5 Investment Evaluation Mark Zuckerberg was crazy.pdf
 
Question 5 28 February 2022 Equipment R20 000 Accumulated D.pdf
Question 5 28 February 2022 Equipment R20 000 Accumulated D.pdfQuestion 5 28 February 2022 Equipment R20 000 Accumulated D.pdf
Question 5 28 February 2022 Equipment R20 000 Accumulated D.pdf
 
Question 4 You are given the following state table a Dr.pdf
Question 4 You are given the following state table a Dr.pdfQuestion 4 You are given the following state table a Dr.pdf
Question 4 You are given the following state table a Dr.pdf
 
Question 4 25 points In his speech Hypponen gives examp.pdf
Question 4 25 points In his speech Hypponen gives examp.pdfQuestion 4 25 points In his speech Hypponen gives examp.pdf
Question 4 25 points In his speech Hypponen gives examp.pdf
 
Question 4 10 points Over the past 25 years an economy to.pdf
Question 4 10 points Over the past 25 years an economy to.pdfQuestion 4 10 points Over the past 25 years an economy to.pdf
Question 4 10 points Over the past 25 years an economy to.pdf
 
QUESTION 4 UOT Industries has a target debtequity ratio of.pdf
QUESTION 4 UOT Industries has a target debtequity ratio of.pdfQUESTION 4 UOT Industries has a target debtequity ratio of.pdf
QUESTION 4 UOT Industries has a target debtequity ratio of.pdf
 
Question 4 15pts Which of the following best describes Pbo.pdf
Question 4 15pts Which of the following best describes Pbo.pdfQuestion 4 15pts Which of the following best describes Pbo.pdf
Question 4 15pts Which of the following best describes Pbo.pdf
 
Question 4 Points A Write the definition of a generic con.pdf
Question 4 Points A Write the definition of a generic con.pdfQuestion 4 Points A Write the definition of a generic con.pdf
Question 4 Points A Write the definition of a generic con.pdf
 
Question 4 a Let pX VarX be a risk measure associate.pdf
Question 4 a Let pX  VarX be a risk measure associate.pdfQuestion 4 a Let pX  VarX be a risk measure associate.pdf
Question 4 a Let pX VarX be a risk measure associate.pdf
 
Question 4 In a classroom of 33 students 19 students are w.pdf
Question 4 In a classroom of 33 students 19 students are w.pdfQuestion 4 In a classroom of 33 students 19 students are w.pdf
Question 4 In a classroom of 33 students 19 students are w.pdf
 
Question 4 12 Marks Several established methods exist to a.pdf
Question 4 12 Marks Several established methods exist to a.pdfQuestion 4 12 Marks Several established methods exist to a.pdf
Question 4 12 Marks Several established methods exist to a.pdf
 
Question 4 4 pts The following data matrix includes 8 data p.pdf
Question 4 4 pts The following data matrix includes 8 data p.pdfQuestion 4 4 pts The following data matrix includes 8 data p.pdf
Question 4 4 pts The following data matrix includes 8 data p.pdf
 
QUESTION 4 25 marks Taxes is defined as the levy collected.pdf
QUESTION 4 25 marks Taxes is defined as the levy collected.pdfQUESTION 4 25 marks Taxes is defined as the levy collected.pdf
QUESTION 4 25 marks Taxes is defined as the levy collected.pdf
 
Question 4 15 Create a list of all the proteins involved i.pdf
Question 4 15 Create a list of all the proteins involved i.pdfQuestion 4 15 Create a list of all the proteins involved i.pdf
Question 4 15 Create a list of all the proteins involved i.pdf
 
Question 4 14 points Segmentation is another approach to .pdf
Question 4 14 points Segmentation is another approach to .pdfQuestion 4 14 points Segmentation is another approach to .pdf
Question 4 14 points Segmentation is another approach to .pdf
 
Question 33 Protists the most nutritionally diverse of all.pdf
Question 33 Protists the most nutritionally diverse of all.pdfQuestion 33 Protists the most nutritionally diverse of all.pdf
Question 33 Protists the most nutritionally diverse of all.pdf
 
Question 30 In the circular flow diagram as resources good.pdf
Question 30 In the circular flow diagram as resources good.pdfQuestion 30 In the circular flow diagram as resources good.pdf
Question 30 In the circular flow diagram as resources good.pdf
 
Question 22 The QuickBooks Online environment is best descr.pdf
Question 22 The QuickBooks Online environment is best descr.pdfQuestion 22 The QuickBooks Online environment is best descr.pdf
Question 22 The QuickBooks Online environment is best descr.pdf
 
Question 24 01 pts Epiphytes are plants that attach roots o.pdf
Question 24 01 pts Epiphytes are plants that attach roots o.pdfQuestion 24 01 pts Epiphytes are plants that attach roots o.pdf
Question 24 01 pts Epiphytes are plants that attach roots o.pdf
 

Recently uploaded

ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
PECB
 
How to deliver Powerpoint Presentations.pptx
How to deliver Powerpoint  Presentations.pptxHow to deliver Powerpoint  Presentations.pptx
How to deliver Powerpoint Presentations.pptx
HajraNaeem15
 
UGC NET Exam Paper 1- Unit 1:Teaching Aptitude
UGC NET Exam Paper 1- Unit 1:Teaching AptitudeUGC NET Exam Paper 1- Unit 1:Teaching Aptitude
UGC NET Exam Paper 1- Unit 1:Teaching Aptitude
S. Raj Kumar
 
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptxC1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
mulvey2
 
Constructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective CommunicationConstructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective Communication
Chevonnese Chevers Whyte, MBA, B.Sc.
 
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdfIGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
Amin Marwan
 
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdfANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
Priyankaranawat4
 
Main Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docxMain Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docx
adhitya5119
 
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
Nguyen Thanh Tu Collection
 
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxBeyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
EduSkills OECD
 
Pengantar Penggunaan Flutter - Dart programming language1.pptx
Pengantar Penggunaan Flutter - Dart programming language1.pptxPengantar Penggunaan Flutter - Dart programming language1.pptx
Pengantar Penggunaan Flutter - Dart programming language1.pptx
Fajar Baskoro
 
How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience
Wahiba Chair Training & Consulting
 
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdfবাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
eBook.com.bd (প্রয়োজনীয় বাংলা বই)
 
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem studentsRHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
Himanshu Rai
 
Hindi varnamala | hindi alphabet PPT.pdf
Hindi varnamala | hindi alphabet PPT.pdfHindi varnamala | hindi alphabet PPT.pdf
Hindi varnamala | hindi alphabet PPT.pdf
Dr. Mulla Adam Ali
 
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptxPrésentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
siemaillard
 
Gender and Mental Health - Counselling and Family Therapy Applications and In...
Gender and Mental Health - Counselling and Family Therapy Applications and In...Gender and Mental Health - Counselling and Family Therapy Applications and In...
Gender and Mental Health - Counselling and Family Therapy Applications and In...
PsychoTech Services
 
Your Skill Boost Masterclass: Strategies for Effective Upskilling
Your Skill Boost Masterclass: Strategies for Effective UpskillingYour Skill Boost Masterclass: Strategies for Effective Upskilling
Your Skill Boost Masterclass: Strategies for Effective Upskilling
Excellence Foundation for South Sudan
 
Solutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptxSolutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptx
spdendr
 
How to Setup Warehouse & Location in Odoo 17 Inventory
How to Setup Warehouse & Location in Odoo 17 InventoryHow to Setup Warehouse & Location in Odoo 17 Inventory
How to Setup Warehouse & Location in Odoo 17 Inventory
Celine George
 

Recently uploaded (20)

ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
 
How to deliver Powerpoint Presentations.pptx
How to deliver Powerpoint  Presentations.pptxHow to deliver Powerpoint  Presentations.pptx
How to deliver Powerpoint Presentations.pptx
 
UGC NET Exam Paper 1- Unit 1:Teaching Aptitude
UGC NET Exam Paper 1- Unit 1:Teaching AptitudeUGC NET Exam Paper 1- Unit 1:Teaching Aptitude
UGC NET Exam Paper 1- Unit 1:Teaching Aptitude
 
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptxC1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
 
Constructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective CommunicationConstructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective Communication
 
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdfIGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
 
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdfANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
 
Main Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docxMain Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docx
 
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
 
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxBeyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
 
Pengantar Penggunaan Flutter - Dart programming language1.pptx
Pengantar Penggunaan Flutter - Dart programming language1.pptxPengantar Penggunaan Flutter - Dart programming language1.pptx
Pengantar Penggunaan Flutter - Dart programming language1.pptx
 
How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience
 
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdfবাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
 
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem studentsRHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
 
Hindi varnamala | hindi alphabet PPT.pdf
Hindi varnamala | hindi alphabet PPT.pdfHindi varnamala | hindi alphabet PPT.pdf
Hindi varnamala | hindi alphabet PPT.pdf
 
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptxPrésentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
 
Gender and Mental Health - Counselling and Family Therapy Applications and In...
Gender and Mental Health - Counselling and Family Therapy Applications and In...Gender and Mental Health - Counselling and Family Therapy Applications and In...
Gender and Mental Health - Counselling and Family Therapy Applications and In...
 
Your Skill Boost Masterclass: Strategies for Effective Upskilling
Your Skill Boost Masterclass: Strategies for Effective UpskillingYour Skill Boost Masterclass: Strategies for Effective Upskilling
Your Skill Boost Masterclass: Strategies for Effective Upskilling
 
Solutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptxSolutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptx
 
How to Setup Warehouse & Location in Odoo 17 Inventory
How to Setup Warehouse & Location in Odoo 17 InventoryHow to Setup Warehouse & Location in Odoo 17 Inventory
How to Setup Warehouse & Location in Odoo 17 Inventory
 

Question 4 15 points On March A Japanese company expecte.pdf

  • 1. Question 4 (15 points). On March, A Japanese company expected to pay 1 million of USD in July. The current spot exchange rate is 120 yen per dollar, September futures price is currently 128 yen per dollar. At the end of July, the spot exchange rate is 122 yen per dollar and September futures price is 125 yen per dollar. By hedging with the September futures contract, what is the net exchange rate after hedging? How much the Japanese company will pay in terms of yen after hedging?