Cullen Pharmaceuticals Is a U

Cullen Pharmaceuticals is a U.S. multinational that just sold ¥70 million of goods to a Japanese customer on account, due in 30 days. The spot exchange rate is $0.008987/¥, while the 30-day forward rate is 0.008671/¥. Cullen is interested in hedging this account receivable by using a forward market hedge. If the 30-day periodic investment rate in Japan is 0.10 percent, how many U.S. dollars does Adams need to invest to properly hedge the account receivable?

A) $574,672
B) $588,535
C) $590,344
D) $606,970
E) $629,090