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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?
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