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On 11 January,Tacoma Co., an Australian company anticipates that it will need Chinese yuan (CNY) in March when it orders supplies from a Chinese supplier.

On 11 January,Tacoma Co., an Australian company anticipates that it will need Chinese yuan (CNY) in March when it orders supplies from a Chinese supplier. Tacoma, therefore, purchases a futures contract specifying CNY3 million and a March settlement date (which is 24 March for this contract). On 11 January, the futures contract is priced at A$0.2340 per CNY. On 12 February, Tacoma realises that it will not need to order supplies because it has reduced its production levels. Therefore, Tacomahas no need for CNY in March. It sells a futures contract on CNY3 million with the March settlement date to offset the contract it purchased in January. At this time, the futures contract is priced at A$0.2844 per CNY.Calculate the profit or loss in percentage (ignore the margin requirements) that Tacoma incurs due to closing its' March futures contract position. (enter two decimal number without sign and symbol)

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