Michael Palin, a currency trader for a New York investment firm, uses the following futures quotes on the British pound to speculate on the value of the British pound. a) If Michael Palin buys 5 June pound futures, and the spot rate at maturity is $1.3980 /pound, what is the value of his position? b) If Michael Palin sells 12 March pound futures, and the spot rate at maturity is $1.4560 /pound, what is the value of his position? c) If Michael Palin buys 3 March pound futures, and the spot rate at maturity is \$1.4560/pound, what is the value of his position? d) If Michael Palin sells 12 June pound futures, and the spot rate at maturity is $1.3980 /pound, what is the value of his position