b. Suppose a manufacturer of tractors secures a sale to a Chinese company of 240 million USD for delivery in 45 days. If market interest in China is 6.125% and market interest in the US is 3.2%, spot rate is RMB 6.831=1USD, calculate the expected forward rate and rate of appreciation/depreciation at the time of delivery. Show how the manufacturer can use a forward market hedge to lock in his/her profit.