$2\mathrm{.}2$ Your supervisor is now all hyped about hedging. As your organization $($a contractor from Canada$)$ needs to buy some equipment at $[$your ID$]$ Euro from a supplier in Europe and payment to the supplier will happen on Nov $18,2023.$ Your supervisor decides to go for currency hedging and enters into an agreement with a bank on May $31,2023.$ May ${31}^{st}$ and Nov ${18}^{th}$ Euro to CAD exchange rates are given on the charts below.

According to this hedging scheme, calculate who will get how much money on which dates? Also calculate the currencyand amount that the bank buys and sells on the trade date. Was the hedging beneficial to the contractor? Explain. $[6]$

Equipment purchase price your ID