Assuming that you expect a payment of 900,000 British pounds on close of business day, Friday, January 29th. Assume you that you enter into the futures position at a close of day on Tuesday, January 26th. Futures and spot data are provided in the file HW1_datdoc. Contract size is 62,500 British pounds. Please, describe the contract (what month, and what quantity) and the position you decide to enter (long or short). After which, document the gain or loss due to marking to market every day that your position is open.

Question: What is the total cost in US$ after you have closed out your futures positions, and made your payment? Please show all the work and steps. Thank you.

Daily Settlements for British Pound Future (FINAL)Trade Date: Wednesday, 01/27/2021 Prior Day Estimated Month Open High Low Last Change Settle Open Volume Interest FEB 21 1.3739 1.3759B 1.3662A 1.3691A -.0044 1.3688 126 790 MAR 21 1.3740 1.3762 1.3662 1.3693B -.0045 1.3690 105,807 151,501 APR 21 1.3736 1.3764B 1.3667A 1.3725B -.0045 1.3693 15 26 MAY 21 1.3757B 1.3675A 1.3757B -.0045 1.3695 0 0 JUN 21 1.3751 1.3768 1.3670A 1.3699A -.0045 1.3697 106 1,761 SEP 21 1.3745 1.3774B 1.3688A 1.3759B -.0046 1.3703 2 349 Daily Settlements for British Pound Futures (FINAL)Trade Date: Friday, 01/29/2021 Prior Day Estimated Month Open High Low Last Change Settle Open Volume Interest FEB 21 1.3675 1.3751B 1.3659A 1.3694A -.0040 1.3703 50 766 MAR 21 1.3729 1.3755 1.3660 1.3704 -.0040 1.3705 127,061 152,835 APR 21 1.3680 1.3756B 1.3664A 1.3708B -.0040 1.3708 74 23 MAY 21 1.3673A 1.3673A -.0040 1.3710 0 0 JUN 21 1.3710 1.3760B 1.3667A 1.3724B -.0040 1.3712 91 1,764 SEP 21 1.3730 1.3762B 1.3676A 1.3716A -.0041 1.3718 2 341 Spot Data: Jul Day YYYY/MM/DD Wdy USD/GBP 24592412021/01/26 Tue 1.3727 24592422021/01/27 Wed 1.3698 2459243|2021/01/28|Thu 1.3718 2459244 2021/01/29 Fri 1.3720 Daily Settlements for British Pound Future (FINAL)Trade Date: Wednesday, 01/27/2021 Prior Day Estimated Month Open High Low Last Change Settle Open Volume Interest FEB 21 1.3739 1.3759B 1.3662A 1.3691A -.0044 1.3688 126 790 MAR 21 1.3740 1.3762 1.3662 1.3693B -.0045 1.3690 105,807 151,501 APR 21 1.3736 1.3764B 1.3667A 1.3725B -.0045 1.3693 15 26 MAY 21 1.3757B 1.3675A 1.3757B -.0045 1.3695 0 0 JUN 21 1.3751 1.3768 1.3670A 1.3699A -.0045 1.3697 106 1,761 SEP 21 1.3745 1.3774B 1.3688A 1.3759B -.0046 1.3703 2 349 Daily Settlements for British Pound Futures (FINAL)Trade Date: Friday, 01/29/2021 Prior Day Estimated Month Open High Low Last Change Settle Open Volume Interest FEB 21 1.3675 1.3751B 1.3659A 1.3694A -.0040 1.3703 50 766 MAR 21 1.3729 1.3755 1.3660 1.3704 -.0040 1.3705 127,061 152,835 APR 21 1.3680 1.3756B 1.3664A 1.3708B -.0040 1.3708 74 23 MAY 21 1.3673A 1.3673A -.0040 1.3710 0 0 JUN 21 1.3710 1.3760B 1.3667A 1.3724B -.0040 1.3712 91 1,764 SEP 21 1.3730 1.3762B 1.3676A 1.3716A -.0041 1.3718 2 341 Spot Data: Jul Day YYYY/MM/DD Wdy USD/GBP 24592412021/01/26 Tue 1.3727 24592422021/01/27 Wed 1.3698 2459243|2021/01/28|Thu 1.3718 2459244 2021/01/29 Fri 1.3720