On November 1, 2001 Zamfir Company, a U. S. corporation, purchased minerals from a Russian company for 2,000,000 rubles, payable in 3 months. The relevant exchange rates between the U. S. and Russian currencies are given: Spot rate Forward rate (at February 1, 20x2) November 1, 20x1 $0.348 $0.348 December 31, 20x1 0.359 $0.352 February 1, 20x2 0.344 The company's incremental borrowing rate provides a discount rate of 0.975 for three months. Assume that on November 1, 2001 Zamfir Company enters a forward contract to buy 2,000,000 rubles on February 1, 2002. What is the fair value of the forward contract on December 31, 2001