A Japanese exporter has a 61,000,000 receivable due in one year. Detail a strategy using a money market hedge that will eliminate any exchange rate risk. 1-year rates of interest Spot exchange rates 1-year Forward Rates $1.25=1.00$1.00=100$1.2262=1.00$1.03=100 Convert 117,924.528.30 to dollars at the spot rate: convert dollars to euro at the spot rate: lend 6943.396.22 at 5.25 percent: Borrow 6943,396.22 today. Convert the euro to dollars at the spot exchange rate. convert these dollars to yen at the spot ratereceive V117.924,528.30. Lend C943.396.22 today, Convert the euro to dollars at the spot exchange rate, convert these dollar to yen at the spot rate. Borrow 6970,873.79 today. Convert the euro to dollars at the spot exchange rate, recelve $1,165.048.54. Convect these dollars toyen at the spot rate, receive 7