On August 1, 2019, when the spot rate was US$1 - C$102, Avery Corporation of Winnipeg, Manitoba, ordered equipment from an American supplier for US$250,000. Delivery was scheduled for the month of September, with payment in full on delivery Upon placing the order, Avery immediately entered into a forward contract with its bank to purchase US$250,000 on September 15, 2019 at the forward rate of US$ = C$1.01 The equipment was received on September 15, 2019, when the spot rate was US$C$0.99. What is the amount of the premium or discount on the forward exchange contract? Multiple Choice ( ) A premium of $2.500 A discount of $2.500 Multiple Choice A premium of $2,500 . A discount of $2,500 A premium of $7,500 A discount of $7,500