c) Borrowing Euros from the Deutsche Bank in Frankfurt at 5% interest rate =$9,000,000/1.5 =$6.000,000 EURO =$6,000,000 x 1.05 =$6,300,000 EURO EURO has depreciated by 5% ...........1 EURO = 1.5 x 1.05 =1.575 USD =6,300,000 x 1.575 Total Payment@1yr =$9,922,500 USD