3. (10 points) Moderna

Moderna, a Massachusetts company, will receive NZ$65,000,000 from the government of New Zealand as payment for its first shipment of vaccines 90 days from now. Moderna hedged their position by selling New Zealand Dollars forward. The current spot rate of the New Zealand Dollar is $0.73, while the 90-day forward rate is $0.75. You expect that the spot rate of the New Zealand Dollar in 90 days will be $0.87. How many dollars will Moderna receive from its export of NZ$65,000,000 of vaccines to Aukland in 90 days?