U.S. borrowing rate for 1 year            = 9.5% U.S. deposit rate for 1 year                 = 8.7% Jamaica borrowing rate for 1 year      = 11.3% Jamaica deposit rate for 1 year           = 10.2% Jamaica dollar spot quote                   = $0.1763‑78 Jamaica dollar 1‑year forward quote = $0.1729‑47 What value can Alcoa lock in for its J$ 3 million receivable if it executes a forward contract today? a. $528,900 b. $524,100

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