P$11-28$A Comprehensive Problem: Four Uses of Forward Exchange Contracts without and with Time Value of Money Considerations LO $11-3$

On December $1,20$X$1,$ Micro World Inc. entered into a $120-$day forward contract to purchase $100,000$ Australian dollars $($A$$).$ Micro World's fiscal year ends on December $31.$ The direct exchange rates follow:

$\backslash$table$[[$Date$,$Spot Rate,$\backslash$table$[[$Forward Rate$],[$for March $31,20$X$2]]],[$December $1,20$X$1,$$$0\mathrm{.}600,$$$0\mathrm{.}609$