JP Morgan Chase writes a forward contract to sell 10 million pounds sterling at the delivery price of$1 6247 per pound in 30 days' time At the end of the contract the spot exchange rate was$1 65 per pound What was the profit to JP Morgan Chase

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JP Morgan Chase writes a forward contract to sell 10 million pounds sterling at the delivery price of$1.6247 per pound in 30 days' time. At

JP Morgan Chase writes a forward contract to sell 10 million pounds sterling at the delivery price of$1.6247 per pound in 30 days' time. At the end of the contract the spot exchange rate was$1.65 per pound. What was the profit to JP Morgan Chase?

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