Assume that on November $1,$ the spot rate of the British pound was A$$1\mathrm{.}58$ and the price on a December futures contract was A$$1\mathrm{.}59.$ Assume that the pound depreciated during November so that by November $30$ it was worth A$$1\mathrm{.}51.$ a$.$ What do you think happened to the futures price over the month of November? Why?

b$)$ If you had known that this would occur, would you have purchased or sold a December futures contract in pounds on November $1?$ Explain.