a A UK firm plans to use a money market hedge to hedge its payment of 3,000,000 Singapore dollars for Singapore goods in one year. The UK interest rate is 7%, while the Singapore interest rate is 12%. The spot rate of the Singapore dollar is 0.45, while the one-year forward rate is 0.44. Determine the amount of British pounds needed in one year if a money market hedge is used. (3 Marks) b. Using the information in (a) above, would the Uk firm be better off hedging the payables with a money market hedge or with a forward hedge? (4 Marks