What was the spot rate at the time the payment was received

Reference no: EM131943151

Question: Barrington Fertilizers, Inc., exports its specialized lawn care products to Canada. It made a sale worthc$1, 167,000, with the payment due in 90 days. Its banker gave it a forward quote of $1.0121/cs. By using the forward rate, the firm gained an additional $8, 276, 58 over what it would have gotten if it had sold the Canadian dollars in the spot market 90 days later. What was the spot rate at the time the payment was received?(Round intermediate calculations to the nearest whole dollar, e.g. 5.275 and final answer to 4 decimal places, e.g. 15, 2500.)

Reference no: EM131943151

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