Starbucks Inc. has Japanese yen 10 million receivables due in 30 days and the company has the following information about the forward rates quoted in the Bank of America. What will be the dollar amount for the 10 million yen receivables if the company uses the forward market for hedging?

Bank of America Forward rates (Japanese yen)

Bid rate Ask rate

30 day $0.0091/yen $0.0092/yen

60 day $0.0093/yen $0.0095/yen

Multiple Choice

$0.091 million

$0.092 million

$0.095 million

$0.093 million