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Some time ago, you bought forward 3 million US dollars against Mexican pesos (MXN) at a forward rate of MXN 19.50/USD. The contract expires in

Some time ago, you bought forward 3 million US dollars against Mexican pesos (MXN) at a forward rate of MXN 19.50/USD. The contract expires in four months. Currently, the US dollar trades at 18.75 pesos per dollar. Interest rates in Mexico are equal to 9% per year, while interest rates in the United States are currently 3% per year. What is the current market value of your forward position?

a.
The market value of the contract is USD -1,103,047.

.
b.The market value of the contract is MXN -1,103,047.

c.
The market value of the contract is USD +941,926.

d.
The market value of the contract is MXN +941,926.

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