Alpgrowth, a Singapore-based capital management firm, will pay USD 2,636,000 in one year. The interest rate in the U.S. is 6% per annum and the interest rate in Singapore is 5% per annum. The spot rate is SGD 2.0273/USD and the U.S. dollar is expected to be at SGD 2.1461/USD in one year. If Alpgrowth employs a money market hedge, how much SGD will it borrow in Singapore?

Select one:

a. 5,293,548

b. 5,089,488

c. 5,041,474

d. 5,336,905