An exporter in New Zealand is scheduled to receive a payment of AUD 100,000 from a foreign distributor in Australia in 180 days. The current spot rate is NZD1.10/AUD. Analysts forecast that the AUD will appreciate by 2% over the next 180 days, and the standard deviation of 180-day forecast of the AUD appreciation relative to the NZD is 5%. What is the range of possible NZD revenues that incorporates 95.45% of the possibilities?

Select one:

a.

(101,200 - 123,200)

b.

(96,800 - 118,800)

c.

(81,168.83 - 98,814.23)

d.

(84,175.8 - 103,305.8)