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12 Apple just signed a contract to sell phones 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 $120/. The annual interest rate is 4.0% in the US 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. The indifferent" forward rate will be: 05:43 Multiple Choice $136/6 $1.18/6 $119/