Assume that a U.S. company purchases a forward contract on Mexican pesos at $0.0507 per peso to hedge its account payable of MXN7,116,774. The account payable will be due in six months. The spot rate is $0.0503 now. Six months later when the account payable becomes due the spot rate is $0.0503. How many dollars will the company have to pay? Answer format: round to two decimals. Example: $1.12