The troasurer of a Testa subcontractor has an extra cash reserve of $200.000.000 to invest for sik months. The sion-month interest raife is 7.5 percent per annum in the United States and 6 percent per annum in Germany. Currently, the spot excharnge rate is e0.9443 per dollar and the six-month forward exchange rate is 60.9360 per dollar. The treasurer does not wish to bear any exchange risk. Whare, in the US or in Germany, should they invest to madmize the return