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Assume zero transaction costs. if the 90-day forward rate of the euro equals to the accurate estimate of the spot rate 90 days from now

Assume zero transaction costs. if the 90-day forward rate of the euro equals to the accurate estimate of the spot rate 90 days from now, then the real cost of hedgeing payables will be

a. positive

b. negative

c. positive if the forward rate exhibits a premium and negative if the forward rate exhibits a discount

d. zero

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