Brzoska Inc.'s German subsidiary has forecasted earnings next year of 10 million. Assume that the current one-year forward rate for euros is $1.33, the same as the current spot rate. Further assume that the euro depreciates over the year, so that the weighted average exchange rate is $1.30 over the year.

How will the subsidiary earnings be translated?

a. $13.3 million

b. $7.52 million

c. $7.69 million

d. $13.0 million