A foreign exchange dealer in Kigali Rwanda provides quotes for the spot and $3-$month forward rates for the RFr against the dollar.

Bid $($RFr$/$US$$)$ ask $($RFr$/$US$$)$

Spot $4\mathrm{.}00404\mathrm{.}0200$

$3-$month forward $3\mathrm{.}96903\mathrm{.}9888$

Required:

a$.$ What would you receive in dollars if you sell RFr $5$ million at the spot rate?

b$.$ What would it cost in dollars to purchase RFr $20$ million forward $3-$month? When would you make payment?