Spot Foreign Exchange 99.50 100.50 Y/$

1 year USD interest rate spread (for top credits) 2.1 % - 1.9 %

1 year YEN interest rate spread (for top credits) 1.1 % - 0.9 %

Your firm is not a bank and must pay spreads in the money markets. You have a trade receivable (invoice) from your client/customer (a AAA credit) which is due in a year in Yen for 1000Yen. Your home currency is USD and your firm is also a top (AAA) credit.

Instead of paying 1000Yen in a year, your client/customer wants to amend this invoice and opens negotiations offering to change the timing and/or the currency of it along with its face value. They propose three possible variations, considered each separately on its own merits.

To accept a different proposed change, in a separate negotiation what would be your breakeven or minimum sum to receive immediate Dollars instead of Yen in a year (answer to 2 decimal places)?