Argosy Associates, a U. S.-based investment partnership, borrows 80,000,000 at a time when the exchange rate is $1.2/. The entire principal is to be repaid in two years, and interest is 6% per annum, paid annually in euros. Suppose that the one year forward rate is F1=$1.30/ and the twoyear forward rate is F2=$1.40/. What is the effective dollar cost of this loan if you hedge all payments in the forward market? Assume zero fees! (Assume annual compounding.)