6. A global manager plans to invest $1 million in U.S. government cash equivalents for the next 90 days. However, she is also authorized to use non-U.S. gov- ernment cash equivalents, as long as the currency risk is hedged to U.S. dollars using forward currency contracts. a. What rate of return will the manager earn if she in- vests in money market instruments in either Canada or Japan and hedges the dollar value of her invest- ment? Use the data in the following tables. b. What must be the approximate value of the 90-day interest rate available on U.S. government securities? Interest Rates (APR) 90-Day Cash Equivalents Japanese government 2.52% Canadian government 6.74% Exchange Rates Dollars per Unit of Foreign Currency Spot 90-Day Forward .0119 .0120 .7284 .7269 Japanese yen Canadian dollar