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3. IBM sold a supercomputer to the max Planck Institute in Germany on credit and invoiced 20 million Euro payable in one year. Currently, the

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3. IBM sold a supercomputer to the max Planck Institute in Germany on credit and invoiced 20 million Euro payable in one year. Currently, the one -year forward exchange rate is $1.21/Euro and the foreign exchange advisor for IBM predicts that the spot rate is likely to be $1.10/Euro in one year

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