JBK, Inc., based in Texas, exports products to a German firm and will receive payment of 1,000,000 in three months. On June 1, the spot rate of the euro was $1.15, and the 3-month forward rate was $1.20. On June 1, JBK negotiated a forward contract with a bank to sell 1,000,000 forward in three months. The spot rate of the euro on September 1 is $1.17. JBK will receive $_______ for the euros. A. 1,200,000 B. 1,170,000 C. 1,180,000 D. 1,150,000