(20 Marks) QUESTION 3 DoxFox Limited is a South African based manufacturer of the latest electronic automobile devices. The company is currently investigating a project to invest in for expansion from America. The cost of the investment is 1.8 million dollars. The supplier requires three equal instalments with the first instalment payable immediately and the remaining balance paid every three months thereafter. The banks quoted direct spot and forward exchange rate are as follows: Spot rate 3-month forward rate 6-month forward rate 14.3320 14.4644 14.5732 3.1 Determine the rand equivalents of the payments to be made to the supplier for the investment assuming that DoxFox Limited undertakes forward cover on all foreign currency obligations. (10 marks)