Problem 7. USX Company bought merchandise for 125,000 from a French company on December 1, 2013. Payment in Euros was due on February 28, 2014. On the same date, USX entered into a 90- day futures contract to buy 125,000 from a bank. Exchange rates for Euros on different dates are as follows: P Spot Rate 30-day futures 60-day futures 90-day futures December 01, 2013 91.40 92.30 91.80 90.60 December 31, 2013 P 92.70 92.50 92.20 92.60 February 28, 2014 91.90 93.20 92.60 93.40 7. How much is the forex gain/loss on the forward contract on February 28, 2014? A. P1,000,000 loss B. P100,000 gain C. P37,500 gain D. P37,500 loss