Use the Information Below to Answer the Following Question If You Had Borrowed $1,000,000 and Traded for Euro at
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question 68

Essay

Use the information below to answer the following question.
$\begin{array}{rccccc} &{\text { Exchange Rate }} & \text { Interest Rate } & \text { APR } \\ S_{0}(\$ / €) & \$ 1.45= €1.00 &i \$ & 4\% \\F_{360}(\$ / €) & \$ 1.48= € 1.00& i € & 3\%\end{array}$ If you had borrowed $1,000,000 and traded for euro at the spot rate,how many € do you receive?

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