Mary exported goods to Ghana worth 100000 cedis,cedis is the currency of Ghana.Cedis 50,000 was received on the date of export .instlamemts of 25000 cedis each received one month and two months respectively Mary entered into a forward contract with the bank (cedis per khs) to hedge against the foreign exchange volatility as follows

Spot rate 1.201 - 1.204

One month 1.304 - 1.306

Two months 1. 251 - 1.554

At the time of receipt of one month and two months without hedging the position should have was as follows

One month 1.306 1.308

Two months 1.253 1.557

Required

I. The amount mary received with hedging (4mks)

II. The amount could have received without hedging (4mks)