A large, listed company is to issue 90-day commercial paper with a total nominal value of $10 million. Each individual paper will have a nominal value of $100,000. If the annual required rate of return is 4% assuming a 365-day year, what will be the issue price of each paper (rounded to two decimal places)?

A US firm expects to receive €2,000,000 in 3 months. The spot exchange rate is $1.15 / €1. The 3-month borrowing rate in the US is 4% p.a. and the 3-month deposit rate in the Eurozone is 6% p.a. Using a Money Market Hedge, what is the dollar value of the receipt (to the nearest thousand $)?

A US-based company is due to receive €2,000,000 in 3 months. If the 3-month forward exchange rate is $1.137656 per €1, what is the dollar value of the receipt using a forward hedge?