#1. Maria Gonzalez is the chief financial officer of Ganado. She has just concluded negotiations for the sale of a turbine generator to Regency, a British firm, for 1,000,000. The sale is made in March with payment due three months later in June. Maria can borrow pounds in London at once, immediately convert the borrowed pounds into dollars, and repay the pound loan in three months with the proceeds from the sale of the generator. She will need to borrow just enough to repay both the principal and interest with the sale proceeds. The borrowing interest rate for euro will be 12% per annum, or 3% for three months. Calculate the amount of euro she should borrow. What would be the interest amount?