Blake Inc. needs 1,000,000 in 30 days. It can earn 5 percent annualized on a German security. The current spot rate for the euro is $1.00. Blake can borrow funds in the U.S. at an annualized interest rate of 6 percent. If Blake uses a money market hedge to hedge the payable, what is the cost of implementing the hedge?

	a.	$1,045,644.
	b.	$1,055,602.
	c.	$1,000,000.
	d.	$1,000,830.