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Consider a trader who takes a long position in a six-month forward contract on the euro. The forward rate is $1363 = 1.00; the contract

Consider a trader who takes a long position in a six-month forward contract on the euro. The forward rate is $1363 = 1.00; the contract size is 1,000,000. At the maturity of the contract the spot exchange rate is $1.1322 = 1.00. What has the trader made or lost at the maturity of the contract?

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