20 P Task 3 Frankonia has a receivable outstanding in the amount of 10 040 000 AUD. It is due in 6 month. The spot rate is 1,6373 AUD/EUR. At CME a future EUR against AUD is traded. The contract size is 125 000 EUR. The price is quoted in AUD/EUR. The current quotation for the future with 6 months due date is 1,6414 AUD/EUR. If you buy such a future you are obliged to accept the delivery of EURS, if you sell such a future you are obliged to deliver EURS. Do you need to buy or to sell the future? If the spot rate at the due date of the future is 1,6614 AUD/EUR what will be your EUR proceeds? Compare the future against a forward contract, what are the differences, do not forget the differences in the cash flows