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On July 15,2016, you convert 660,000 U.S. dollars to Japanese yen in the spot foreign exchange market and purchase a six-month forward contract to convert

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On July 15,2016, you convert 660,000 U.S. dollars to Japanese yen in the spot foreign exchange market and purchase a six-month forward contract to convert yen into dollars. How much will you receive in U.S. dollars at the end of six months? Use the data in Table 9-1 for this problem. (Round your answer to 2 decimal places. (e.g., 32.16)) TABLE 9-1 Foreign Currency Exchange Rates Exchange Rates: New York Closing Snapshot Friday, July 15, 2016 U.S,-dollar foreign-exchange rates in late New York trading Source: The Way Street Joumal Online, July 18, 2016. www.wsjicom

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