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Q6(25%): A Turkish exporter company has 20 Mil USD export proceed to receive 6 months from now. The company management wants to fix the cash

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Q6(25%): A Turkish exporter company has 20 Mil USD export proceed to receive 6 months from now. The company management wants to fix the cash flow from today. The market parameters are as follows: Spot TL/USD 8.30/8.50 USD interest rate for 6 months 2.5/3.5 %pa TL interest rate for 6 months 18.0/20.0 %pa a) What is the minimum TL/USD Forward rate for the date 6 months from today that the bank can quote? b) How many USD does this USD does this company need to convert to pay 100 Mil TL on the mentioned date

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