New hampshire corp has decided to issue three-year bonds, Ask an Expert

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New Hampshire Corp. has decided to issue three-year bonds denominated in 5,000,000 Russian rubles at par. The bonds have a coupon rate of 17%. If the ruble is expected to appreciate from its current level of $.03 to $.032, $.034, and $.035 in years 1, 2,and 3, respectively, what is the financing cost of these bonds?

a. 17%.

b. 23.18%.

c. 22.36%.

d. 23.39%.

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