I’m having trouble here with the logic. I obviously need to brush up on my derivatives/forward rate currency contracts…

In this problem, to find the answer they took the difference in USD cash flow in 3 months, ie. comparing old forward rate she was in, to new spot + forward points, and then discounted that cash flow back to now, using the 3 month USD Libor rate.

I understand this, BUT, is there not a different way to calculate this? Like instead of finding the difference in cash flows in future and discounting back, is there not a way to find that future USD cash flow (ie. 7 900 000 USD) and bring it to PV, and simply compare the spot now, without using the forward points?? I’m not sure if i’m making sense here or articulating it properly… I’m asking b/c I tried it this other way above, and I thought it would yield same answer, but it’s not.