Companies L.

Companies L. M N and O:

• are based in a country that uses the RS as its currency

• have an objective to grow operating profit year on year

• have the same total levels of revenue and cost

• trade with companies or individuals in the United States. All import and export trade with companies or individuals in the United States is priced in US$.

Typical import/export trade for each company in a year are as follows:

Which company's growth objective is most sensitive to a movement in the USS / RS exchange rate?