Assume that Parker Company will receive SF200,000 in 360 days. Assume the following interest rates:

U. S.

Switzerland

360-day borrowing rate
7%

5%

360-day deposit rate
6%

4%

Assume the forward rate of the Swiss franc is $.50 and the spot rate of the Swiss franc is $.48. If Parker Company uses a money market hedge, it will receive in 360 days.

a.
$92,307

b.
$96,914

c.
$101,904

d.
$101,923

e.
$98,769