$2.$ You are to pay $350,000$ on March $16.$ Today$$s spot rate is $$1\mathrm{.}15/.$ The forward rate is $$1\mathrm{.}18/.$ On March $16$ the spot rate is $$1\mathrm{.}14/.$ Futures contracts are for $125,000$ each.

Q$1.$ How many contracts do you enter?

Q$2.$ Do you enter contracts to buy or to sell?

On March $16$you, $1)$ close out the forward contracts, and $2)$ receive the $350,000$ and exchange them for dollars.

Q$3.$ Did you make or lose money on the contracts?

Q$4.$ How much money did you make or lose on the contracts?

Q$5.$ When you combine the gain or loss on the futures contracts with the dollars exchanged for the $350,000$ what was the effective dollar$/$euro total exchange rate?

Q$6.$ Why was the amount you received per euro more than the $$1\mathrm{.}18$ future contract hedge amount?