21. On July 10th, 2010, an art studio in Venice, Italy sold paintings to a retailer in the U.S.A. for $1,600 U.S. dollars. Payment is due three months later, on October 10th, 2010. The following quotes are available: spot market exchange rate: 1 Euro =$1.6 on July 10th,2010; 1 Euro =$1.8 on October 10th,2010. If the Italian art studio did not use a for ward contract or any other means to hedge their foreign exchange exposure, what would be the loss for the Italian art studio on October 10th. 2010? A)111.1 B)225.6 C) 900 .10 D)133.3 E)100