Suppose PepsiCo hedges a 1 billion dividend it expects to receive from its Japanese subsidiary in 90 days with a forward contract. The current spot rate is 150/$1 and the 90-day forward rate is 149/$1. If the spot rate in 90 days is 154/$, how much has this forward market hedge cost PepsiCo? $173,160 Pepsi gains $173,160 from the forward contract Pepsi gains $217,903 from the forward contract $44,743