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 12 percent per annum in the United States and 11 percent per annum in Germany. Currently, the spot exchange rate is 1.10 per dollar and the six-month forward exchange rate is 1.08 per dollar. The treasurer of IBM does not wish to bear any exchange risk. Where should they invest to maximize the return?

Required:

The maturity value in six months if the extra cash reserve is invested in the U.S.:

Note: Do not round intermediate calculations.

The maturity value in six months if the extra cash reserve is invested in Germany:

Note: Do not round intermediate calculations. Round off the final answer to the nearest whole dollar.