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he chose a 120 day bank futures contract. He entered into a forward contract with ANZ Bank. Determine the resulting F AUD / USD exchange

he chose a 120 day bank futures contract. He entered into a forward contract with ANZ Bank. Determine the resulting F AUD / USD exchange rate with the data in the table below and calculate the amount in USD that had to be paid in order to receive 3,500,000 AUD. Submit your calculations.

AUD/USD

Exchange rate bid offer
spot rate 0.7747 0.7797
Discount or offset 0.0032 0.0032

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