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8. John McClane, the currency speculator, sells ten March futures contracts for 500,000 reais at the closing price $0,4509/R$ a. What is the value of

8. John McClane, the currency speculator, sells ten March futures contracts for 500,000 reais at the closing price $0,4509/R$

a. What is the value of her position at maturity if the ending spot rate is $0.5000/R$?

b. What is the value of her position at maturity if the ending spot rate is $0.4200/R$?

c. What is the value of her position at maturity if the ending spot rate is $0.47000/R$?

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