You just got back from London, where you purchased a Jaguar for 35,000, payable in three months.

You have enough cash at your bank in New York City, which pays 4.2% interest per annum

(compounded quarterly) to pay for the car. Currently, the spot exchange rate is $1.45/ and the

three-month forward exchange rate is $1.40/. How many dollars should you set aside in your U.S.

bank account today to pay for this Jaguar in three months?