A large British importer, Quest plc, will be making a payment of 150 million towards the end of June 2023. Futures contract on Euros trade for delivery months in March, June, September, and December. The contracts are settled (expire) in the second week of the delivery month. Each futures contract on Euros is for 250,000. Todays spot and futures exchange rates are 1.49/ and 1.45/, respectively What risk does Quest plc face in terms of appreciation or depreciation of Euros? ii. Estimate the number of futures contracts, the position to be taken, and the specific delivery month that Quest plc should use to fully hedge its currency exposure. iii. Assume that, at the end of June, the spot rate turns out to be 1.55/ and a futures contract taken out at the end of June to expire in September is quoted at 1.50/. Estimate the total gain or loss earned by Quest plc