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Giri Patel thinks that the British pound will cost $1.20/ in December. A Decemb currency futures contract (contract size 62,500) is available today at a

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Giri Patel thinks that the British pound will cost $1.20/ in December. A Decemb currency futures contract (contract size 62,500) is available today at a rate of $1.30/. (a) Should Giri take a long or short position in the futures if he were to speculate? Why? (b) How much would be his total profit/loss if his expectation is correct in December? (c) How much would be his total profit/loss if the spot rate in December reaches $1.35/

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