How many errors are there in the following procedure for a money market hedge of a foreign currency denominated account payable?

1. Borrow a sum equal to the value of the payable in the domestic currency at maturity of the payable.

2. Convert the borrowed amount into foreign currency at the forward rate.

3. Invest that converted sum into the foreign currency money market.

4. Use the proceeds from the investment to settle the accounts payable.

5. Retire the outstanding loan amount.

a.2

b.1

c.3

d.0

e.4