Iowa Grain Syndicate exports large quantitics of corn and wheat to Russia and eastern Europc. The Syndicate was quoted a borrowing rate of \(9 \%\) p.a. in Chicago, but borrowed \(€ 3,000,000\) for onc year at \(6 \%\) interest in Frankfurt in order to save on interest costs. During the year the euro appreciated \(8 \%\) from its initial rate of \(\$ 1.2000 / \epsilon\). Was it wise for the Syndicate to borrow in Frankfurt instead of Chicago? What was its all-in cost?