1. You bought one 3-month British pound futures contract for $1.5200/ only to see the dollar move to a value of $1.5700/ at which time you sold the pound futures. If each pound futures contract is for an amount of 62,500, how much money in USD did you gain or lose from your speculation in pound futures? (MUST INCLUDE ALL CALCULATIONS AND IDENTIFY ALL PARTS OF CALCULATIONS)

2. A call option on UK pounds has a strike price of $1.5800/ and a cost of $0.05. What is the break-even spot exchange rate for the option? (MUST INCLUDE ALL CALCULATIONS AND IDENTIFY ALL PARTS OF CALCULATIONS)