Question: PLEASE EXPLAIN ALL STEPS AND INFORMATION ON HOW TO ANSWER THIS AND WHY THE ANSWER IS CORRECT, NOT JUST ANSWER THE QUESTION. THANK YOU SO

PLEASE EXPLAIN ALL STEPS AND INFORMATION ON HOW TO ANSWER THIS AND WHY THE ANSWER IS CORRECT, NOT JUST ANSWER THE QUESTION. THANK YOU SO MUCH.

1.Graylon, Inc., based in Washington, exports products to a German firm and will receive payment of 200,000 in three months. On June 1, the spot rate of the euro was $1.10, and the 3-month forward rate was $1.20. On June 1, Graylon negotiated a forward contract with a bank to sell 200,000 forward in three months. The spot rate of the euro on September 1 is $1.15. Graylon will receive $____ for the euros from the bank.

A. 224,000

B. 220,000

C. 230,000

D. 240,000

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