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Compute how much will you have to spend in Yen

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Question - As an importer of grain into Japan from the United States, you have agreed to pay $500,000 in 90 days after you receive your grain. You face the following exchange rates and interest rates: Spot rate, ¥106.35/$, 90-day forward rate ¥106.02/$, 90-day USD interest rate 3.25% p.a., 90-day JPY interest rate, 1.9375% p.a. Compute how much will you have to spend in Yen to pay the exporter if you use forward hedge.

a. ¥50,000,000

b. ¥53,175,000

c. ¥53,010,000

d. ¥53,150,001

Reference no: EM132966974

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