Use the Information Below to Answer the Following Question If You Borrowed $1,000,000 for One Year,how Much Money Would

Essay

Use the information below to answer the following question.
$\begin{array}{rccccc} &{\text { Exchange Rate }} & \text { Interest Rate } & \text { APR } \\ S_{0}(\$ / €) & \$ 1.45= €1.00 &i \$ & 4\% \\F_{360}(\$ / €) & \$ 1.48= € 1.00& i € & 3\%\end{array}$ If you borrowed $1,000,000 for one year,how much money would you owe at maturity?