= On October 19, 2006, you convert $500,000 U.S. dollars to Japanese yen in the spot foreign

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= On October 19, 2006, you convert $500,000 U.S. dollars to Japanese yen in the spot foreign exchange market and purchase a one-month forward contract to convert yen into dollars. How much will you receive in U.S. dollars at the end of the month? Use the data in Table 14–1 for this problem.

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