24. A bank customer will be going to London in June to purchase $100,000 in new inventory. The current spot and futures exchange rates are as follows:

The customer enters into a position in June futures to fully hedge her position. When June arrives, the actual exchange rate is $1.725 per pound. How much did she save?

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Exchange Rates (Dollars / Pound) Period Rate Spot 1.5342 March 1.6212 June 1.6901 September 1.7549 December 1.8416