Question: Please help me answer this question, showing all steps: Blake Inc. needs 1,000,000 in 30 days. It can earn 5 percent annualized on a German

Please help me answer this question, showing all steps:

Blake Inc. needs 1,000,000 in 30 days. It can earn 5 percent annualized on a German security. The current spot rate for the euro is $1.12. Blake can borrow funds in the United States at an annualized interest rate of 6 percent. If Blake uses a money market hedge to hedge the payable, what is the cost of implementing the hedge?

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