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 ris 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 .0119 .0120 .7284 90-Day Forward Japanese yen Canadian dollar .7269