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Apple sells iPhone in many countries, including India. The company expects to receive 223,000,000 Indian rupees (INR) from its exports in one year. The spot

Apple sells iPhone in many countries, including India. The company expects to receive 223,000,000 Indian rupees (INR) from its exports in one year.

The spot rate is $0.0152 per rupee and the one-year forward rate is $0.0153 per rupee. The U.S. interest rate is 3% and the Indian interest rate is 11%.

Attempt 1/6 for 10 pts.

Part 1

What is the value of the receivables in one year with a money market hedge (in $)?

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