15. Lakewood Products, Inc. just bought 2,650,000 in products from a French supplier with payment due in 30 days. The spot exchange rate today is $1.2300/ and Lakewood has decided to use a money market hedge for this transaction. The French interest rate is 4.42 percent per annum or 0.3684 percent per month, and the U.S. interest rate is 5.40 percent per annum or 0.45 percent per month. What is the effective exchange rate that you have locked in with a money market hedge?

a. $1.2300/ b. $1.2310/ c. $1.2350/ d. $1.2390/