1. 2. 3. STEP: 1 of 3 Suppose that you are a finance manager at a U.S. based MNC. On January 1st, you anticipate you will need to purchase C$490,000.00 (Canadian dollars) worth of supplies from a Canadian supplier in March using Canadian dollars (C$). The current spot rate for the Canadian dollar is $0.77. In order to lock in spot rate for this exchange, you purchase a futures contract specifying C$490,000.00 at $0.77 per Canadian dollar with a March 10th settlement date. On the settlement date, your MNC will need to pay TOTAL SCORE: 0/3 (U.S. dollars) for the C$490,000.00. Grade Step 1 (to complete this step and unlock the next step)