5. New York Co. has agreed to pay it! rnillion Australian dollars [AB in two years for equipment that it is importing from Australia. The spot rate of the Australian dollar is $.65. The annualized US. interest rate is 4 percent regardless ot the debt maturity. The annualized Australian dollar interest rate is 12 percent regardless of the debt maturity. New York plans to hedge its exposure with a forward contrast that it will arrange today Assume that interest rate parity exists. Determine the amount of US. dollars that New York Co. will need in 2 years to make its payment