An US importer of televisions from Japan has a contract to purchase a shipment of televisions for 50 million yen. If the spot exchange rate changes from 125 yen per dollar (when the deal is made) to 128 yen per dollar (when the delivery takes place) what is the importer's total gain or loss (Hint: the importer pays for televisions on the delivery date)? 1. $9,375 total loss 2. $11,250 total gain 3. $11,250 total loss 4. $9.375 total gain 5. $15,000 total gain