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How much interest will tropikana pay

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TropiKana Inc., a U.S firm, has just borrowed euro 1,000,000 to make improvements to an Italian fruit plantation and processing plant. If the interest rate is 5.50% per year and the Euro depreciates against the dollar from $1.40/E at the time the loan was made to $1.35/E at the end of the first year, how much interest will Tropikana pay at the end of the first year (rounded)?

Reference no: EM133111776

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