Maturity Open High Low Settle Change High Open Interest March 1.4246 1.4268 1.4214 1.4228 0.0032 1.4700 25,605 June 1.4164 1.4188 1.4146 1.4162 0.0030 1.4550 809

Tony Begay at Saguaro Funds. Tony Begay, a currency trader for Chicago-based Saguaro Funds, uses the following futures quotes,, on the British pound

(pound )to speculate on the value of the pound.

a. If Tony buys 5 June pound futures, and the spot rate at maturity is $1.39841.3984 /,

what is the value of her position?

b. If Tony sells 12 March pound futures, and the spot rate at maturity is

$1.45561.4556 /,

what is the value of her position?c. If Tony buys 3 March pound futures, and the spot rate at maturity is

$1.45561.4556 /,

what is the value of her position?d. If Tony sells 12 June pound futures, and the spot rate at maturity is

$1.39841.3984 /,

what is the value of her position?