Saguaro Funds. Tony Begay, a currency trader for Chicago-based Saguaro Funds, uses futures quotes on the British pound

(pound )

to speculate on the value of the pound. Use the futures quotes in the table below to answer the following questions.

British Pound Futures, US$/pound (CME)					Contract = 62,500 pounds
Maturity	Open	High	Low	Settle	Change	High	Open Interest
March	1.4246	1.4268	1.4214	1.4228	0.0032	1.4700	25,605
June	1.4164	1.4188	1.4146	1.4162	0.0030	1.4550	809

a. If Tony buys 5 June pound futures, and the spot rate at maturity is $1.3975 /,

what is the value of her position?

b. If Tony sells 12 March pound futures, and the spot rate at maturity is

$1.4561/,

what is the value of her position?

c. If Tony buys 3 March pound futures, and the spot rate at maturity is

$1.4561/,

what is the value of her position?

d. If Tony sells 12 June pound futures, and the spot rate at maturity is

$1.3975/,

what is the value of her position?