You are a Canadian importer of German steel and wish to engage in a foreign exchange contract with your bank to hedge the payment against currency fluctuations during the credit period. You agree with the exporter's offer of a 95 day credit term for payment. The amount of the contract is Euros 3,500,000. The following criteria is to be applied. Term 95days Spot rate 1.5625 CdnS/Euro Interest Rate Canada 5.00% per annum Interest Rate Germany 7.00% per annum Q1. A) Calculate the forward exchange rate agreed with your bank B) Calculate the payment amount due in Canadian Dollars