Your firm is a U.K.-based importer of bicycles. You have placed an order with an Italian firm for 1,000,000 worth of bicycles. Payment (in euro) is due in 12 months. Use a money market hedge to redenominated this one-year payable into a pound-denominated payable with a one-year maturity. Show your steps while including the numbers. If the nine-month forward rate F_9(Y/$) = 90, and the inflation rate in the U.S. and Japan are 1.6% and -1.2% respectively, what should be S(Y/$)