Us-based Polyglot Industries will send its employee Jack Pundit to study Danish in an intensive training course in Copenhagen. Jack will need dkk 10,000 at t = 3 months when classes begin, and dkk 6,000 at t = 6 months, t = 9 months, and t = 12 months to cover his tuition and living expenses. The exchange rates and p.a. interest rates are as follows:

Polyglot wants to lock in the dkk value of Jack's expenses. Is the company indifferent between buying dkk forward and investing in dkk for each time period that he should receive his allowance?

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DKK/USD Exchange rate p.a. interest rate usD p.a. interest rate DKK 5.820-5.830 Spot 90 days 5.765-5.770 180 days 5.713-5.720 270 days 5.660-5.680 360 days 5.640-5.670 3.82-4.07 3.94-4.19 4.13-4.38 4.50-4.75 8.09-8.35 8.00-8.26 7.99-8.24 7.83-8.09