A Canadian company is planning on using a money market hedge to hedge its payable of 300,000 eur The current deposit rate for the euro is 5% and the deposit rate for the Canadian is 6%. The lending rate for the euro is 4% and the Canadian lending rate is 8%. The current spot rate for the euro is 1.53, the future spot rate is $1.51 and the forward rate is 1.52. The payable is due in 12 months. Calculate how much it would cost the company to hedge with the money market? 5 marks