General Motors Inc., based in United States, exports products to a British firm and will receive payment of sterling pound 200,000 in three months. On June 1, the spot rate of the sterling was $1.12, and the 3-month forward rate was $1.10. On June 1, General Motors negotiated a forward contract with a bank to sell GBP 200,000 forward in three months. If the spot rate of the GBP on September 1 is $1.15. What is the total amount that General Motor will receive in USD?
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