1.Helen Luong, a currency trader for Pegasus Partners, uses the following futures quotes on the British pound

() to speculate on the value of the pound.

British PoundFutures, US$/pound (CME)

Contract = 62,500 pounds

1 contract is 62,500

Maturity March:

open: 1.4432

high: 1.4471

Low: 1.4422

Settle:1.4468

Change:0.0036

Maturity June:

Open:1.4275

High: 1.4296

Low: 1.4267

Settle: 1.4280

Change:0.0005

Open Interest March: pounds 25,605

Open Interest June: pounds 809

a.If Helen buys 5 June pound futures, and the spot rate at maturity is $1.4042/, what is the value of her position?

b.If Helen sells 12 March pound futures, and the spot rate at maturity is $1.4632/, what is the value of her position?

c.If Helen buys 3 March pound futures, and the spot rate at maturity is $1.4632/, what is the value of her position?

d.If Helen sells 12 June pound futures, and the spot rate at maturity is $1.4042/, what is the value of her position?