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Assume you are in India and borrowed 800,000 Rs from one of your friends who...

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Finance

Assume you are in India and borrowed 800,000 Rs from one of your friends who lives in Australia. Suppose the spot exchange rate at the time borrowing was Rs63/$ and you promised to repay the loan after six months with a forward currency rate of Rs68/$ without any interest.

Required:

a) What is the amount of money in dollars that your friend needs pay to an authorised currency exchanger in Australia with a 20$ administration fee to transfer the loan?

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