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On July 1, 2011, a company enters into a forward contract to buy 8 million US$ on January 1, 2021. On September 1, 2020, it

On July 1, 2011, a company enters into a forward contract to buy 8 million US$ on January 1, 2021. On September 1, 2020, it enters into a forward contract to sell 8 million US$ on January 1, 2021. Describe the payoff from this strategy.

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