SPOT AND FORWARD RATES

Arvin Australian Imports has agreed to purchase 10,000 cases of Australian wine for 4 million Australian dollars at today's spot rate. The firm's financial manager, Sarah Vintnor, has noted the following current spot and forward rates:

	U.S. Dollar/Australian Dollar	Australian Dollar/U.S. Dollar
Spot	0.7654	1.3065
30-day forward	0.7634	1.3099
90-day forward	0.7622	1.3120
180-day forward	0.7599	1.3160

On the same day, Vintnor agrees to purchase 10,000 more cases of wine in 3 months at the same price of 4 million Australian dollars.

1. What is the price of the wine in U.S. dollars if it is purchased at today's spot rate? Round your answer to the nearest cent. $
3. What is the cost in U.S. dollars of the second 10,000 cases if payment is made in 90 days and the spot rate at that time equals today's 90-day forward rate? Round your answer to the nearest cent. $
5. If the exchange rate for the Australian dollar is 1.2405 to $1 in 90 days, how much will Vintnor have to pay for the wine (in U.S. dollars)? Round your answer to the nearest cent.