Pink has just sold equipment to Black. Pink is a US company who has USD accounting. Sale date is March $2020$

and payment date is September $2020.$

Deal amount $2000000$

Spot March $=$$$\frac{1\mathrm{.}20}{}$

$6-$month forward contract $=$$$1\mathrm{.}15$

Spot September forecast $=$$$\frac{1\mathrm{.}18}{}$

Eurozone $6-$month borrowing rate $=2\mathrm{.}0\frac{\%}{?}$ year

If Pink does not hedge, then foreign exchange gains$/($losses$)$ are