Question: U . S . borrowing rate for 1 year = 9 . 5 % U . S . deposit rate for 1 year = 8

U.S. borrowing rate for 1 year =9.5%
U.S. deposit rate for 1 year =8.5%
French borrowing rate for 1 year=12.3%
French deposit rate for 1 year =10.2%
French franc spot quote = $0.177178
French franc 1year forward quote = $0.172349
What value can Alcoa lock in for a receivable of FF 3 million due in one year if it executes a money market hedge today?

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