Here are direct spot and forward markets quotes for EUR over three points in time: now (1/1/_), one month later (2/1/00. three months later (4/1/XX), and six months later (7/1/%). 1 EUR Spot 1 Month Forward 3 Month Forward 6 Month Forward 1/1/X 1.2075 1.2256 1.2440 1.2627 2/1/X .2869 1.3062 .325 1.3457 4/1/XX 1.2191 1.2374 1.2560 1.2748 7/1/%OX 1.2943 1.3137 1.3334 1.3534 1 On 1/1/XX, Dell sold a 3 month forward contract of EUR 1,000,000 to Chase. As a result IBM will incura__ contract expires: _ when the Loss of $24.900 Profit of $12,000 Profit of $24.900 Loss of $12.000