Inter-KSA (Saudi Arabia). Inter-KSA is a Saudi Arabian airline company specializing in internal flights that needs €50,000,000 for one year to finance working capital. The airline firm has two alternatives for borrowing:

a. Borrow €50,000,000 in Paris at 7% per annum.

b. Borrow Saudi riyals SAR 225,000,000 in Saudi Arabia at 9% per annum and then exchange the riyals at the cross rate of 1 EUR = 4.5 SAR.
At what ending exchange rate would Inter-KSA be indifferent between borrowing euros and borrowing Saudi riyals?