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Mr . Lecourt sells short one contract for September delivery of 1 2 5 , 0 0 0 euro for $ 1 3 4 ,

Mr. Lecourt sells short one contract for September delivery of 125,000 euro for $134,375. Mr. Lecourt covers his short when the exchange rate is $1.15 per euro. Mr.
loses $93,750.
gains $9,375.
gains $93,750.
loses $18,750.
loses $9,375.

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