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On November 1, 2001 Zamfir Company, a U.S. corporation, purchased minerals from a Russian company for 2,000,000 rubles, payable in 3 months. The relevant exchange rates between the U.S. and Russian currencies are given: The company's incremental borrowing rate provides a discount rate of 0.975 for three months.
Assume that on November 1, 2001 Zamfir Company enters a forward contract to buy 2,000,000 rubles on February 1, 2002. What is the fair value of the forward contract on December 31, 2001?
Power of Acceptance
In contract law, the authority to accept an offer and create a binding legal agreement by expressing agreement to its terms.
Undue Excitement
Excessive enthusiasm or agitation that surpasses usual levels or expectations.
Effective Offer
A proposal made by one party to another intending to create a legal obligation upon acceptance.
Reasonably Definite Terms
A requirement in contract law that the terms of a contract must be clear enough for both parties to be able to understand their obligations and enforce the agreement.
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