Suppose that, as of April 14, a futures contract specifying 500,000 Mexican pesos and a August settlement date is priced at $.09. On April 14, speculators who expect the peso to decline sell futures contracts on pesos, agreeing to sell Pesos at the rate of 0.09 on August 20 settlement date. Assume that, on August 20 (the settlement date), the spot rate of the peso is $.08 Amount paid to buy pesos spot on August 20 Settlement date $45,000 $48,000 $40,000 $5,000