uppose Dow Chemical receives a quote of spot and 90-day forward rates of $0.009360-61, 9-10 for the JPY. (Hint: These are $SA exchange, bid and ask, quotes, as given by foreign exchange traders). How much will it cost Dow Chemical (in US$) to buy ¥1 billion 90 days later if it buy the 90 forward contract today? (10%)

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