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On July 1, 2017, a company enters into a forward contract to buy 20 million Japanese yen on January 1, 2018. On September 1, 2017,

On July 1, 2017, a company enters into a forward contract to buy 20 million Japanese yen on January 1, 2018. On September 1, 2017, it enters into a forward contract to sell 20 million Japanese yen on January 1, 2018. Describe the payoff from this strategy. Suppose, the forward price on July 1, 2017 when the company entered the contract was $0.0096000/yen, and the forward price on September 1, 2017 when the company closed out was $0.0096225/yen, the payoff for this strategy is $________

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