An Australian firm has net payables of 600,000 ZAR in one year's time as payment for supplies which they have been ordered for delivery at the end of the year. Current spot rate is AUD/ZAR 11.8105/11.8114 Interest rates in South Africa (ZAR) are currently 2.5% for investing and 6% for borrowing. Australian interest rates are currently 0.25% for investing and 3.5% for borrowing. All interest rates are quoted in annual nominal terms. The firm wishes to implement a money market hedge. To implement a money market hedge (no change in the timing of cash flows, only the currency), how much should be borrowed by the firm? (Answer to the nearest dollar) None of the other options are correct 47,927 ZAR 47,923 AUD 566,038 ZAR 49,563 AUD 49,559 AUD