On November 1, 20x1 Zamfir Company, a U.S. corporation, purchased minerals from a Russian company for 2,000,000 rubles, payable in 3 months. The relevant exchange rates between the U.S. and Russian currencies are given:

	Spot Rate	Forward Rate (at February 1, 20x2)
November 1, 20x1	$0.348	$0.348
December 31, 20x1	$0.359	$0.352
February 1, 20x2	$0.344

The company's incremental borrowing rate provides a discount rate of 0.975 for three months.

30. Assume that on November 1, 20x1 Zamfir Company enters a forward contract to buy 2,000,000 rubles on February 1, 20x2. What is the fair value of the forward contract on December 31, 20x1?

B. $7,800

can someone show me the steps to solve this? Thank you.