Crane Industries has purchased equipment from a Brazilian firm for a total cost of 280,000 Brazilian reals. The firm has to pay in 30 days. Citibank has given the firm a 30-day forward quote of $0.3102/real. Assume that on the day the payment is due, the spot rate is $0.3425/real. How much would Crane save by hedging with a forward contract? (Round intermediate calculations and final answer to 2 decimal places, e.g. 15.25.) Excel Template (Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values youve been given here, and be sure to update any values that may have been pre-entered in the template based on the textbook version of the problem.)

Cost savings

$ enter the cost savings in dollars rounded to 2 decimal places