?Tony? Begay, a currency trader for? Chicago-based Saguaro? Funds, uses futures quotes on the British pound ?(pound?) to speculate on the value of the pound. Use the futures quotes in the table below to answer the following questions.

British Pound Futures, US$/pound (CME)					Contract = 62,500 pounds
Maturity	Open	High	Low	Settle	Change	High	Open Interest
March	1.4246	1.4268	1.4214	1.4228	0.0032	1.4700	25,605
June	1.4164	1.4188	1.4146	1.4162	0.0030	1.4550	809

a. If Tony buys 5 June pound? futures, and the spot rate at maturity is ?$1.3982?/, what is the value of her? position?

b. If Tony sells 12 March pound? futures, and the spot rate at maturity is ?$1.4559?/, what is the value of her? position?

c. If Tony buys 3 March pound? futures, and the spot rate at maturity is ?$1.4559/, what is the value of her? position?

d. If Tony sells 12 June pound? futures, and the spot rate at maturity is ?$1.3982?/, what is the value of her? position?