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A currency trader entered into a long ( i.e. to buy) forward contract on 10 million yen. The forward exchange rate was $0.0095 per yen.

A currency trader entered into a long ( i.e. to buy) forward contract on 10 million yen. The forward exchange rate was $0.0095 per yen. How much does the trader gain or lose if the exchange rate at the end of the contract is (a) $0.0084 per yen, and (b) $0.0101 per yen?

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