Please assume the following information:

U.S. deposit rate for 1 year = 0.09

U.S. borrowing rate for 1 year = .12

Canada deposit rate for 1 year = .08

Canada borrowing rate for 1 year = 0.09

Canada dollar forward rate for 1 year = $.40

Canada dollar spot rate = $0.39

Also assume that a U.S. exporter denominates its Canada exports in CA$ and expects to receive CA$616,000 in 1 year. You are a consultant for this firm.

Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the firm executes a money market hedge? Show calculation.