The following information is to be used in answering questions 3638.

U.S. borrowing rate for 1 year = 9.5%

U.S. deposit rate for 1 year = 8.7%

French borrowing rate for 1 year = 11.3%

French deposit rate for 1 year = 10.2%

French franc spot quote = $0.176378

French franc 1year forward quote = $0.172947

10.37 What value can Alcoa lock in for its FF 3 million receivable if it executes a forward contract today?

a) $518,700

b) $524,100

c) $528,900

d) $532,410