The forward rate of the Swiss franc is $.50. The spot rate of the Swiss franc is $.48. The following interest rates exist:

U.S. Switzerland

360day borrowing rate 7% 5%

360day deposit rate 6% 4%

You need to purchase CHF200,000 in 360 days. If you use a money market hedge, the amount of dollars you need in 360 days is:

(Please show all calculations in detail and step-by-step)