The futures contract size on the South African rand (ZAR) is $100,000. 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 to a South African bank in Pretoria. Suppose at time of offset, futures price is R10.65. What is your futures gain or loss?

Question options: option 4 is wrong

1)	R1,024,500 per contract (LOSS)

2)	R40,500 per contract (LOSS)

3)	R1,024,500 per contract (GAIN)

4)	R40,500 per contract (GAIN)

5)	None of the above