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The spot is 0.95 / $ while the 1-month forward rate is 0.95. You agree to buy $1 million at the 1-month rate. Next month

The spot is 0.95 / $ while the 1-month forward rate is 0.95. You agree to buy $1 million at the 1-month rate. Next month the spot rate is 1.05/$, what are your profits/losses?

(a) -100,000.00 (b) 100,000.00 (c) $-50,000.00 (d) $100,000.00

The answer is (b) 100,000.00, need help with the math.

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