Implications of IRP. Assume that interest rate parity exists. You expect that the one-year nominal interest rate in the U.S. is .07 while the one-year nominal interest rate in Australia is .11. The spot rate of the Australian dollar is $0.58. You will need 10,440,000 Australian dollars in one year. Today, you purchase a one-year forward contract in Australian dollars. How many U.S. dollars will you need in one year to fulfill your forward contract?