Suppose that the treasurer of IBM has an extra cash reserve of $100,000,000 to invest for six months. The six month interest rate is 8 percent per annum in the United States and 7 percent per in Germany. Currently, the spot exchange rate is 1.01 per dollar and six months forward exchange rate is 0.99 per dollar. The treasurer of IBM does not wish to bear any exchange risk. Where should he or she invest to maximise the return? Support your answer by providing suitable reasons