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One year ago, you sold a futures contract on 100,000 Swiss francs with a settlement date of one year. Assume that one year ago, the

One year ago, you sold a futures contract on 100,000 Swiss francs with a settlement date of one year. Assume that one year ago, the spot rate of the SF was $0.988, the one-year futures price exhibited a discount of 2% compared to the spot rate. From one year ago to today, the SF spot rate depreciated against the dollar by 4.5% and the futures price at contract expiration was equal to the final spot price. Determine the total dollar amount of your profit or loss assuming you had no Swiss franc receivables. (do not consider daily mark to market accounting)

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