On October $20,2021,$ our company enters into a speculative forward contract with an exchange broker. The

contract obligates our company to buy $636,000$ on January $20,2022,$ while we lock in the $ US we will pay

for the Euros on that date at the forward rate of $$1\mathrm{.}44$:$1($i$.$e$.,$ the forward rate on October $20,2021,$ for

settlement on January $20,2022).$ The following table includes the spot rates and forward rates on October

$20,2021,$ December $31,2021,$ and January $20,2022.$

What is the fair value of the derivative contract on December $31,2021?$

Select one:

a$.$ $$44,520$ Asset

b$.$ $$31,800$ Liability

c$.$ None of the above.

d$.$ $$31,800$ Asset

e$.$ $$44,520$ Liability