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Cray Research sold a supercomputer to the Max Planck Institute in Germany on credit and invoiced Euro 10 million payable in six months. Currently, the

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Cray Research sold a supercomputer to the Max Planck Institute in Germany on credit and invoiced Euro 10 million payable in six months. Currently, the six-month forward exchange rate is $1.10/Euro and the foreign exchange adviser for Cray Research predicts that the spot rate is likely to be $1.05/Euro in six months. What is the expected gain/loss from a forward hedge

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