What are spot rates and forward rates?

Purple Whale Foodstuffs Inc., a U$.$S$.$ company, produces and exports industrial machinery overseas. It recently made a sale to a Japanese manufacturing firm for $694$ million, but the Japanese firm has $60$ days before it must make the payment to Purple Whale Foodstuffs Inc. The spot exchange rate is $129\mathrm{.}20$ per dollar, and the $60-$day forward rate is $134\mathrm{.}56$ per dollar. Is the yen selling at a premium or at a discount in the forward market relative to the U$.$S$.$ dollar?

a$.$ The yen is trading at a discount in the forward market.

b$.$ In the forward market, the yen is trading at a premium.

If the customer pays Purple Whale Foodstuffs Inc. the $694$ million today, how much will Purple Whale Foodstuffs Inc. receive in dollars?

a$.$ $$4\mathrm{.}56$ million

b$.$ $$5\mathrm{.}37$ million

c$.$ $$6\mathrm{.}18$ million

d$.$ $$6\mathrm{.}71$ million

Assuming that the forward market is correct and the spot exchange rate in $60$ days will equal the $60-$day forward exchange rate today, Purple Whale Foodstuffs Inc. would get more dollars if the Japanese firm paid off its account $\_\_\_\_\_\_.$