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On March 1st, 2021, a Japanese investor decides to buy 1 million, deliverable on June 1 st, 2021 by entering a forward contract. Two months

On March 1st, 2021, a Japanese investor decides to buy €1 million, deliverable on June 1 st, 2021 by entering a forward contract. Two months later, on May 1 st, she enters another forward contract to sell €1 million on December 1 st, 2021. Show the profit or loss of this investor as a function of two forward rates

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