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3 . On August 1 st , Tiffany Co . ordered raw material from France and agreed to pay 1 0 0 million euros for

3. On August 1st, Tiffany Co. ordered raw material from France and agreed to pay 100 million euros for this order on November 1st. It negotiated a 3-month forward contract to obtain 100 million euros on that date at $1.25 per euro. On September 1st, the French firm informed Tiffany Co. that it won't be able to fulfill that order. The euro spot rate on September 1st is $1.26 and 2-month forward rate exhibits a 2% discount. To offset its existing contract, Tiffany Co. will negotiate a forward contract to ____ for

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