Brent Bush, CFO of a medical device manufacturer, BioTron Medical, Inc., was approached by a Japanese customer, Numata, with a proposal to pay cash (in yen) for its typical orders of 15,000,000 every other month if it were given a 3.5% discount. Numata's current terms are 30 days with no discounts. Using the following quotes and estimated cost of capital for Numata, Bush will compare the proposal with covering yen payments with forward contracts.

Spot rate, /$ 103.86/$

30-day forward rate, /$ 103.82/$

90-day forward rate, /$ 103.71/$

180-day forward rate, /$ 103.58/$

Numata's WACC 7.50%

BioTron Medical's WACC 9.00%

How much (in present value terms) will BioTron receive in US$s if Numata is given NO discount and exchange rate risk is managed using the 30-day forward contract? (Hint: Only consider one payment of Yen15,000,000.)

Group of answer choices

Yen119,503

Yen116,142

$116,142

$119,503