Today is Feb. 2, 2021. You are an American citizen and will join a Canadian university as an undergraduate student in May 2021. On April 30, 2021, you need to pay a college tuition of CAD $20,000.

Today, the June 2021 futures price is USD$0.7801/CAD$. The spot exchange rate is USD$0.7815/CAD$. Suppose that on April 30, 2021, the spot rate turns out to be $0.7782; and the June 2021 futures price turns out to be $0.7772. Please find out your total US dollar cost of your tuition with and without hedge on April 30, 2021. What is the basis of your hedging position?