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Hedging Decision on Payables Assume the following information:

90-day US interest rate 4%

90-day Malaysian interest rate 3%

90-day forward rate of Malaysian ringgit $.400

Spot rate of Malaysian ringgit $.404

Assume that the Santa Barbara Co. in the United States will need 300,000 ringgits in 90 days. It wishes to hedge this payables position. Would it be better off using a forward hedge or a money market hedge? Substantiate your answer with estimated cost for each type of hedge.