4. Black River Investments. Jennifer Magnussen, a currency trader for Chicago-based Black River Investments, uses the futures quotes (shown at the bottom of the page) on the British pound to specu- late on its value:

a. If Jennifer buys 5 June pound futures, and the spot rate at maturity is $1.3980/pound, what is the value of her position?

b. If Jennifer sells 12 March pound futures, and the spot rate at maturity is $1.4560/pound, what is the value of her position?

c. If Jennifer buys 3 March pound futures, and the spot rate at maturity is $1.4560/pound, what is the value of her position?

d. If Jennifer sells 12 June pound futures, and the spot rate at maturity is $1.3980/pound, what is the value of her position?