$$Suppose that the $90$ day Ford rate is $$1\mathrm{.}19/$euro$,$ the current spot rate is $$1\mathrm{.}20/$euro$,$ and you expect the future spot rate in $90$ days to be $$1\mathrm{.}21/$euro$.$ What contract would you make to speculate in the market by either buying or selling $10$ million? What is your expected profit? If the standard deviation of the $90$ day rate of appreciation of the euro relative to the dollar is $3\%,$ what range covers $95\%$ of your possible profits and losses?