Aggrochem 6/10

Sir please help i wanted to make things bit clear.In part b of this question For converting 55m we are using 34.55 is it because we will receive in three months and because we receive in peso and we want in dollar so we sell peso (peso/$ as peso is first currency as per lecture) to buy dollar.same for interest we use 32.89. Then my next question we are using the borrowing rate 6.5% is it because we buy peso means borrow peso to convert in dollar later. Please tell me if my reasoning are correct or something else should be there .I did watch the lecture n will go through lecture again but still get muddle up with the spread.Thanks