The Russian exporter is expecting revenue in US dollars in $3$ months from now and wants to hedge the risk of dollar depreciation. The exporter intends to set up a forward contract with the bank for exchanging dollars into roubles.

In turn, the bank is going to hedge its risk using money market.

The spot rate is $86\mathrm{.}25-86\mathrm{.}91$ RUR$/$USD $($bid$/$ask$).$ Annual interest rates are: $12-14\%$ for roubles and $6-9\%$ for US dollars $($deposit$/$borrow$).$

Forward exchange rate should guarantee $3\%$ margin for the bank.

a$.$ Determine the forward rate that will be offered by the bank.

b$.$ Determine the forward rate that will be offered by the bank in case if the company wants to buy US dollars in $3$ months to pay for imported raw materials.