Johnson & Johnson, Inc., a U.S.-based MNC, will need 15 million Brazilian Reals on December 1. It is now September 1. Johnson & Johnson has negotiated a non-deliverable forward contract with its bank. The reference rate is the Brazilan Real's closing exchange rate (in $) quoted by Brazil's central bank in 90 days. The Brazilian Real's spot rate today is $.22. If the rate quoted by Brazil's central bank on December 1 is $.26, Johnson will be paid; 60.000 O pay. 600.000 pay: 60.000 be paid: 600.000

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