The futures contract size on the South African rand (ZAR) is $100,000. CAUTION! NOTE THAT FUTURES PRICES ON THE USD-ZAR CONTRACTS ARE QUOTED IN RANDS PER $1. Suppose futures price is R10.245 and spot price is R10.165. You wish to transfer $15 million next month (from the U.S.) to a South African bank in Pretoria. Suppose at time of offset, futures price is R10.65. What is your futures gain or loss?

B. R40,500 per contract (LOSS) D. R40,500 per contract (GAIN) E. None of the above