A corporation headquartered in the UK with operations in the US wishes to repatriate their US earnings, but is worried about the exchange rate. The company enters a forward contract to sell $1,500,000 against the British pound at an exchange rate of 0.7698 per USD in 90 days (3 months).

One month has now elapsed and the company wishes to value the forward position. The current exchange rate, S_t(/S), is 0.82 per USD. The annually compounded risk-free rate in the US is 2.1% and the annually compounded risk-free rate in the UK is 1.25%. What is the value of the forward contract?