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A European firm borrows MXN from a Mexico bank at a 7 % interest rate. Over that same time, the Euro appreciates 2 . 7

A European firm borrows MXN from a Mexico bank at a

7 %

interest rate. Over that same time, the Euro appreciates

2.70 %

against the MXN

.

What is the European firm's

-

denominated equivalent cost of borrowing?

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