Alfa Limited arranges on 1 March with a US supplier for the delivery of a consignment of goods costing US$96,000. Alfa Limited will have to pay for the goods in six months time (1 September). The company therefore arranges a forward exchange contract for its bank to sell it US$96,000 six months hence.

In the event the size of the consignment is reduced and on 1 September Alfa limited only needs US$50,000 to pay its supplier, the bank will arrange to close out the forward exchange contract for US$46,000 which Alfa Limited will not need. This is called a partial close out.

Exchange rates between the US$ and the are as follows:

1 March: Spot: $1.5145-1.5155, 6 months forward: 0.95-0.85c pm

1 September: Spot: $1.5100-1.5110

Compute the cost to Alfa Limited on the whole transaction ignoring any commission or other charges.