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Brown Capital LLC., based in Washington, exports products to a German firm and will receive payment of 210,000 in three months. On June 1, the

Brown Capital LLC., based in Washington, exports products to a German firm and will receive payment of 210,000 in three months. On June 1, the spot rate of the euro was $1.12, and the 3-month forward rate was $1.09. On June 1, Brown Capital negotiated a forward contract with a bank to sell 210,000 forward in three months. The spot rate of the euro on September 1 is $1.15. Brown will receive $_______ for the euros.

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