The spot rate at the time of payment received

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Reference no: EM131556007

Barrington Fertilizers, Inc, exports made sale worth of C$1, 150,000 with payment due in 90 days. Banker gave a forward rate of $10177/C$, by using it gain additional $8, 433.25 over what it would have gotten if it had sold the Canadian dollars in spot market 90 days later. The spot rate at the time of payment received is:

Reference no: EM131556007

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