On 25 October of a particular year, an American firm decided to close its account at an Australian bank on 28 October. The firm is expected to have 5 million Australian dollars in the account at the time of the withdrawal. It would then covert the funds to U.S. dollars and transfer them to a New York bank. The November Australian dollar futures contract was priced at $0.6985. Determine the outcome of a futures hedge if on 28th October the spot rate was $0.7015 and the futures rate was $0.7085. All prices are in U.S. dollars per Australian dollar. The Australian dollar futures contract covers 100,000 Australian dollars.