AU.S. firm holds an asset in UK and considers selling it in one year. The firm faces the following scenario of the future spot rates in one year: State 1 State 2 State 3 State 4 State 5 20% 20% 20% 20% 20% Probability Spot rate ($/) P*() 1.6 1.5 1.4 1.3 1.2 2000 1200 1400 1600 1800 P ($) $1920 $2100 $2240 $2340 $2400 In the above table, P* is the pound price (local price) of the asset in UK held by the U.S. firm and P is the dollar price of the asset. If the U.S. firm hedges against this exposure using the forward contract, the firm should enter a (long/short) position in the amount of forward contract at the forward price of $ /. AU.S. firm holds an asset in UK and considers selling it in one year. The firm faces the following scenario of the future spot rates in one year: State 1 State 2 State 3 State 4 State 5 20% 20% 20% 20% 20% Probability Spot rate ($/) P*() 1.6 1.5 1.4 1.3 1.2 2000 1200 1400 1600 1800 P ($) $1920 $2100 $2240 $2340 $2400 In the above table, P* is the pound price (local price) of the asset in UK held by the U.S. firm and P is the dollar price of the asset. If the U.S. firm hedges against this exposure using the forward contract, the firm should enter a (long/short) position in the amount of forward contract at the forward price of $ /