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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

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 6 percent per annum in the United States and 5 percent per annum in France. Currently, the spot exchange rate is

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