Smart Banking Corp. can borrow $5 million at six percent annualized, and it can use the proceeds to invest in Canadian dollars at nine percent annualized over a six-day period. Alternatively, Smart Banking Corp. can borrow 5 million Canadian dollars at 9 percent annualized, and it can use the proceeds to invest in U.S. dollars at six percent annualized over a six-day period. The Canadian dollar is worth $0.95 and is expected to be worth $0.94 in six days. Based on this information, which investment strategy should Smart Banking Corp. choose? What would be its gain in U.S. dollars?

a.	Borrow the money in U.S. dollar; $47,700
b.	Borrow the money in Canadian dollar; $19,500
c.	Borrow the money in U.S. dollar; $50,211
d.	Borrow the money in Canadian dollar; $47,700
e.	Borrow the money in Canadian dollar; $50,211