Suppose a U.S. importer purchases an Italian product today but will not pay for it for 90 days. The cost of the product today is 30,000 Euros. The spot exchange rate today is .6233 Euros per dollar. If the U.S. importer does not hedge the position, which of the following spot exchange rates in 90 days will yield the highest returns?

• 0.6833 Euros per dollar
• 0.6499 Euros per dollar
• $1.4844 per euro
• $1.5387 per euro