Your firm is a US exporter of bicycles. You have sold an order to a British firm for 1,000,000 worth of bicycles. Payment from the British firm (in pounds) is due in 12 months. Use a money market hedge to redenominate this one-year receivable into a USD denominated receivable with a one-year maturity. (First rows:spot rate; second rows: 12 months Forward rate). Hint: Ignore contract sizes and irrelevant exchange rates. You can use the direct rates (U.S. $ equiv.) and ignore the indirect rates (currency per $).

The following were computed without rounding. Select the answer closest to yours.

Group of answer choices

a)$2,000,000

b)$1,921,942

c)$2,068,383

d)$1,960,000