Intro Bright Lights is a U.S. company with a subsidiary in Mexico. The company expects net income (earnings) of 63 million pesos in Mexico next year. To reduce its translation exposure, the company sells 63 million peso one year forward at a forward rate of $0.042 per peso. The current spot rate is $0.042 per peso. Part 1 | Attempt 1/3 for 10 pts. If the peso depreciates over the course of the year such that the weighted average exchange rate is only $0.041 per peso, what is the translation loss (in $ million, absolute value)? 3+ decimals Submit Part 2 Attempt 1/3 for 10 pts. If one year later the spot rate is $0.041 per euro, what is the gain or loss on the forward contract (in $ million)? 3+ decimals Submit