11 Apple just signed a contract to sell phones to Italian businessman. The businessman will be billed 30 million which is payable in one year. The current spot exchange rate is $115/ and the one-year forward rate is $1.20/. The annual interest rate is 4.0% in the U.S. and 3.0% in Italy. Apple is concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchange exposure. In the case of money market hedge (MMH), the future dollar proceeds will be equal to otsas Multiple Choice $39854950 $37744950 $34834950 $32224950