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If a U.S. multinational firm borrows euros for one year at 8% interest, and during the year the euro appreciates by 7% relative to the

If a U.S. multinational firm borrows euros for one year at 8% interest, and during the year the euro appreciates by 7% relative to the dollar, the approximate before-tax cost of this debt in dollar terms is

15.56%

14.64%

15.49%

15.64%

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