31. I am a US chocolate importer who is importing Belgian chocolate from Belgium worth 1 million and the amount is due in 360 days. I want to hedge my Belgian euro payables using a money market hedge and obtain the following quotes from my banker: Spot rate is: $1.1000 $ 1.1100 / The Belgium interest rates are: 3.0 % - 3.4 % annually and US interest rates are: 2.1 % 2.5 % annually. Using a money market hedge and bid-ask spreads, what are my $ payables in 360 days?

a. $1,094,660.20 b. $1,077,669.90 c. $1,104,611.65 d. $1,096,044.49