Q3. Rosina Lesotho Plc has a branch office in Belgium which exports goods to the USA and invoices its customer for $526 000 payable in July. It is now May: Spot EUR/USD 0.7320-0.7345 Spot EUR/USD 0.7210 -0.7228 (August) In August USD/EUR futures contracts are priced at 73.55 (per $100). The contract size is $20 000. And the: Required: (a). If the future hedge is set up, calculate the profit or loss on target receipts (6marks). (b). Calculate the profit or loss on futures position if August futures is bought at 72.22 (per $100) (9marks)