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A project was tendered in 2 0 0 9 for US$ 3 . 5 million, when the exchange rate was US$ 1 . 0 3

A project was tendered in 2009 for US$3.5million, when the exchange rate was US$1.0315 per $C. It started building in 2010 and the money was borrowed from the Canadian bank when the exchange rate fell to US$0.971 per $C. What is the increase in the amount borrowed?

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