Use the following information on the U.S. dollar value of the pound sterling to answer the question. On May 16, 2024, a U.S. company takes delivery of 100,000 in merchandise from a U.K. supplier. The company will pay the supplier 100,000 on August 16. On May 16 , the company also enters a forward contract to buy 100,000 on August 16,2024. On August 16 , the company purchases 100,000 using the forward contract, and pays the supplier. The company's accounting year ends june 30 , and it sells the merchandise in September 2024. What is the net effect on fiscal 2025 income of exchange rate changes due to the merchandise purchase and the forward contract? Select one: a. $2,200 net gain b. No effect c. $200 net loss d. $200 net gain