Hong Kong Airlines (HKA) wants to borrow $3,300,000 for one year. HKA has two alternatives:

i) Borrow $3,300,000 in Eurodollars in London at 8.25%,

ii) Borrow HK$25,410,000 in Hong Kong at 6.75% and exchange for USD at the rate of HK$7.70 = $1.00.

At what exchange rate would HKA be indifferent to borrowing the Eurodollars or HK dollars?