An American firm is planning to export chemicals worth $ $6$ million from UK on March

$12.$ The payment is due on May $19$th$.$ The spot rate is $1\mathrm{.}5765.$ GBP futures are trading at

$1\mathrm{.}5695$ and $1\mathrm{.}5685$ for May and June respectively. On May $19$ the spot rate turns out to be

$1\mathrm{.}5875,$ May futures price $1\mathrm{.}5850$ and June future is at $1\mathrm{.}5950.$ show how the UK firm may

hedge its payables? $($size of contract is GBP $62500)$