2. On January 31, 2017 Fred has a 40,000 foreign currency denominated Accounts Payable due in 1 month. The following exchange rates were in effect. 5 US 1 FC 4 US= l FC January 31, 2017 spot rate January 31, 2017: one month forward rate 2.5 US IFC February 28, 2017 spot rate February 28, 2017 one month forward rate 3 US 1FC How much is the FX gain or loss on February 28, 2017. Your answer should state an amount followed by words "FX Gain" or "FX Loss" 2. On January 31, 2017 Fred has a 40,000 foreign currency denominated Accounts Payable due in 1 month. The following exchange rates were in effect. 5 US 1 FC 4 US= l FC January 31, 2017 spot rate January 31, 2017: one month forward rate 2.5 US IFC February 28, 2017 spot rate February 28, 2017 one month forward rate 3 US 1FC How much is the FX gain or loss on February 28, 2017. Your answer should state an amount followed by words "FX Gain" or "FX Loss