On November 15, 20X3, Chow Inc. , a U. S. company, ordered merchandise FOB shipping point from a German company for €200,000. The merchandise was shipped and invoiced on December 10, 20X3. Chow paid the invoice on January 10, 20X4. The spot rates for euros on the respective dates were:
a) November 15, 20X3 $0. 4955
b) December 10, 20X3 0. 4875
c) December 31, 20X3 0. 4675
d) January 10, 20X4 0. 4475