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1) An Australian based importer has entered into a US dollar denominated contract that will require payment of US$10,000,000 in one month. The importer wishes

1) An Australian based importer has entered into a US dollar denominated contract that will require payment of US$10,000,000 in one month. The importer wishes to lock in an exchange rate today in order to protect its future profit margins. An investment bank gives the following quote for spot and one month forward rates: AUD/USD 0.424047 10:17. Calculate the one-month forward exchange rate relevant for the importer.

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