11. The following are Chase Bank's direct spot and forward markets quotes for EUR right now (1/1/XX), and expected quotes three months later (4/1/XX), and six months later (7/1/XX). EUR Spot 3 Month Forward 6 Month Forward Current Quotes 1/1/XX 1.2075 1.2440 1.2627 Expected Quotes 4/1/XX 7/1/XX 1.2191 1.2943 1.2560 1.3334 1.2748 1.3534 On 1/1/XX, Dell bought a 6-month forward contract of EUR 1,000,000 from Chase. As a result, Dell will incur a when the contract expires: a. Profit of $31,600 b. Loss of $31,600 c. Loss of $90.700 d. Profit of $90,700