Question: Apple Inc. needs 1,000,000 in 60 days. Apple can earn 4 percent annualized on a German security. The current spot rate for the euro is

Apple Inc. needs 1,000,000 in 60 days. Apple can earn 4 percent annualized on a German security. The current spot rate for the euro is $1.00. Apple can borrow funds in the U.S. at an annualized interest rate of 6 percent. If Apple uses a money market hedge, how much should it borrow in the U.S.?

		$993,371
		$952,385
		$995,851.
		$995,025

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