John works for a German firm_ His firm needs $300,000 US in the USA for a year, As his firm is unknown in the USA, it is unable to get a credit line in the USA. Current one year for and rate is 3.1Sif and spot ratc is 3SIE. He can borrow up to 1,000,000 at an interest rate of 8% in Germany Given the information and his opportunities, he decides to generate a synthetic credit line using his bank facility_ The implied interest rate fir his synthetic credit line will be ___.

• None of these
• around 11,22%
• around 9.25%
• around 10.23%
• around 12.10%