74.Assume the following information:

U.S. deposit rate for 1 year=11%

U.S. borrowing rate for 1 year=12%

New Zealand deposit rate for 1 year= 8%

New Zealand borrowing rate for 1 year=10%

New Zealand dollar forward rate for 1 year=$.40

New Zealand dollar spot rate=$.39

Also assume that a U.S. exporter denominates its New Zealand exports in NZ$ and

expects to receive NZ$600,000 in 1 year. Using the information provided, what

will be the approximate value of these exports in 1 year in U.S. dollars given that

the firm executes a money market hedge?