On November 1, 20X3, Petrel Corporation a calendar-year US corporation invested in a purely speculative contract to purchase 1 million yen on January 30, 20X4, from the Karoke Trading Company, a Japanese brokerage firm. Petrel agreed to purchase 1,000,000 yen from Karoke at a fixed price of $0 0100 per yen. Karoke agreed to transmit 1,000,000 yen to Petrel on February 1, 20x4 The spot rates for yen are: Nov 01, 20X3 1 yen = $0.0097 Dec 31, 20X3 Iyen = $0.0103 Jan 30, 20X4 1 yen = $0 0106 The 30-day forward rate for yen on December 31 20x3 was $0.0104