An Australian firm has net receivables of 400,000 CAD in one year's time as compensation for work undertaken.

Current spot rate is AUD/CAD 0.9446 / 0.9455

Interest rates in Canada are currently 0.5% for investing and 4% 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 invested by the firm? (Answer to the nearest dollar)