An exporter requests his bank to extend the forward contract for USS 20,000 which is due for maturity on 31" October. 2014, for a further period of 3 months. He agrees to pay the required margin money for such extension of the contract. Contracted Rate- US\$ 1=62.32 The US Dollar quoted on 31-10-2014:- Spot 61.5000/61.5200 3 months' Discount 0.93%10.87% Margin money from bank's paint of view for buying and selling rate is 0.45% and 0.20% respectively. Compute: ii) The cost to the importer in respect of the extension of the forward contract, and (ii) The rate of new forward contract