Assume that one year ago, the spot rate of the British pound was $1.40. One year ago, the one-year futures contract of the British pound exhibited a premium of 4%. At that time, you purchased (long) futures contracts on pounds, representing a total of 1,000,000 pounds. From one year ago to today, the pounds value appreciated against the dollar by 7 percent. Determine the total dollar amount of your profit or loss from your futures contract.