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The treasurer of a major U.S. firm has $8.2 million to invest for three months. The interest rate in the U.S. is .53 percent per

The treasurer of a major U.S. firm has $8.2 million to invest for three months. The interest rate in the U.S. is .53 percent per month. The interest rate in the UK is .54 percent per month. The spot exchange rate is .64, and the three-month forward rate is .65. Ignore transaction costs. The treasurer should invest the funds in the ____ because he can earn an additional ____.

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