Problem 7.1 Tony Begay, a currency trader for Chicago-based Saguaro Funds, uses the following futures quotes on the British pound () to speculate on the value of the pound. Using the information in table for Problem 7.1, answer the following questions. a. If Tony buys 5 June pound futures, and the spot rate at maturity is $1.3980/, what is the value of her position? b. If Tony sells 12 March pound futures, and the spot rate at maturity is $1.4560/, what is the value of her position? c. If Tony buys 3 March pound futures, and the spot rate at maturity is $1.4560/, what is the value of her position? d. If Tony sells 12 June pound futures, and the spot rate at maturity is $1.3980/, what is the value of her position? Problem 7.1 British Pound Futures, US$/pound (CME) Maturity Open High March 1.4246 1.4268 June 1.4164 1.4188 Change Low 1.4214 1.4146 Settle 1.4228 1.4162 Contract = 62,500 pounds High Open Interest 1.4700 25,605 1.4550 809 0.0032 0.0030