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A U.S. firm is expecting to pay cash flows of 65 million Egyptian pounds and 80 million Qatar rials. The current spot exchange rates are:
A U.S. firm is expecting to pay cash flows of 65 million Egyptian pounds and 80 million Qatar rials. The current spot exchange rates are: $1 = 5.749 pounds and $1 = 3.651 rials. Assume these cash flows are delayed one year and the expected spot rates at that time will be $1 = 5.916 pounds and $1 = 4.000 rials.
What is the difference in dollars paid that was caused by the delay? (Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places.)
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