Vermont Industries has decided to issue three-year bonds denominated in 50,000,000 Russian rubles at par. The bonds have a coupon rate of 23% and will make interest payments on an annual basis. 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 from Vermont’s US perspective?