Due to the COVID-19 situation, central banks around the world launch multiple relief packages. A US corporation afraid its EURO receivable will result in less USD. Its manager comes to the bank that you work for to hedge the Euro 1.5 million receivable due in 7 months. The following information shows up on your screen:

Spot exchange rate: $1.0234/- $1.0256/

US 7-month interest rates are 0.75% for investing and 2.49% for borrowing.

EU 7-month interest rates are 0.25% for investing and 1.59% for borrowing.

Please remember: Interest rates are quoted as annualized rates.

The bank that you work for demands a 0.55% profit margin for all forward contracts. How much is the forward quotation that you will provide to your corporate customer?