You are a currency for a Chicago-based investment firm and you use futures to speculate on the value of the British pound. Use the futures quote in the table below to calculate your futures position: Maturity Open High Low Settle Change High Open Interest

June 1.4164

You buy 5 June futures contracts based upon the ending settlement value per the table above. The spot rate at maturity is $1.3980/GBP. What is the value of your position? Note: 1 futures contract represents 62,500 GBP

Group of answer choices

-$5,687.50

-$7,312.50

$5,687.50

-$1,137.50