On December 15 of last year, Duster Incorporated entered into a forward contract to purchase 100,000 in sixty days. The relevant exchange rates are as follows: Date Spot Rate Forward Rate to February 15 November 15 $ 0.0075 $ 0.0086 December 15 $ 0.0081 $ 0.0083 December 31 $ 0.0089 $ 0.0085 February 15 $ 0.0084 $ 0.0084 Duster entered into the forward contract to hedge a purchase of inventory made on November 15 payable on February 15 of the next year, what is the fair value of the forward contract on December 31