1.a. One unit of Indian Rupees is worth US $0.0210, and a Euro is worth US$1.2785. What is the value of the Rupees in Euro (i.e., how many Euro you can buy with one unit of Rupees)?

b. You take a one year long position in a forward FX contract on Euro at a forward rate of $1.2195/Euro. The contract amount is 50 million Euro. If the spot FX rate for the yen a year from now is $1.2087/Euro, what is the US dollar gain (loss) on the long forward position on Euro?