Tony Begay at Saguaro Funds.Tony Begay, a currency trader for Chicago-based Saguaro Funds, uses the following futures quotes, LOADING..., on the British pound() to speculate on the value of the pound.

a. If Tony buys 5 June pound futures, and the spot rate at maturity is $1.3981/, what is the value of her position?

b. If Tony sells 12 March pound futures, and the spot rate at maturity is $1.4558/, what is the value of her position?

c. If Tony buys 3 March pound futures, and the spot rate at maturity is $1.4558/, what is the value of her position?

d. If Tony sells 12 June pound futures, and the spot rate at maturity is $1.3981/, what is the value of her position?

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