Consider an exporter who is to receive a payment of USD10 million three months from now. The current spot exchange rate is AUD/USD0.6995 - 0.7000 and the three months forward rate is AUD/USD0.7195 - 0.7200. In 3 months time the spot rate is 0.7300. If the exporter decides to hedge its exchange rate risk by taking out a forward cover, what is the AUD amount to be received in six months?

Group of answer choicesAUD 13 888 889

AUD 14 285 714

AUD 13 898 541

AUD 13 698 630