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Assume That You Are a Retail Customer If You Had Borrowed $1,000,000 and Traded for Euro at to Answer

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Assume that you are a retail customer.Use the information below to answer the following question.
 Bid  Ask  Borrowing  Lending S0($/)$1.40=1.00$1.43=1.00 i$ 4.20%APR4.10%APRF360($/ϵ)$1.44=1.00$1.49=1.00 i€ 3.65%APR3.50%APR\begin{array} { r c c c c c } & \text { Bid }& \text { Ask }& \text { Borrowing } &\text { Lending }\\S _ { 0 } ( \$ / € ) & \$ 1.40 = € 1.00 & \$ 1.43 = € 1.00 &\text { i\$ } 4.20 \% \mathrm { APR } & 4.10 \% \mathrm { APR } \\F _ { 360 } ( \$ / \epsilon ) & \$ 1.44= € 1.00 & \$ 1.49= € 1.00 & \text { i€ } 3.65\% \mathrm { APR } & 3.50 \% \mathrm { APR }\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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Definitions:

Withholding Allowances

Deductions allowed on a paycheck, used to be calculated to reduce the amount of income tax withheld from an employee's salary.

FUTA Taxes

Federal Unemployment Tax Act taxes, which are payroll taxes paid by employers to fund the unemployment insurance system.

Liability

A company’s or individual’s legal financial debts or obligations that arise during the course of business operations.

Percentage Method

An IRS method for calculating the amount of taxes to withhold from an employee's paycheck based on income brackets.

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