Alfa Limited arranges on 1 July with a US supplier for the delivery of a consignment of goods costing US$150,000. Alfa Limited will have to pay for the goods in three months' time. The company, therefore, arranges a forward exchange contract for its bank to sell it for US$150,000 three months hence. The consignment is reduced and on 1 October Alfa limited only needs US$100,000 to pay its supplier, the bank will arrange to close out the forward exchange contract for US$50,000 which Alfa Limited will not need. Exchange rates between the US$ and the € are as follows: 1 July: Spot: $1.4145-1.4155, 3 months forward: 0.95-0.85c pm 1 October: Spot: $1.4100-1.4110 

Required: 

Compute the cost to Alfa Limited on the whole transaction ignoring any commission or charges for closing out the contract.