Your entire class is planning to take a one month trip across Europe once the pandemic gets over. You estimate at current exchange rates the trip will cost the 25 students a total of Euro125,000. You don't want any surprises and want to remain in your budget and lock in prices for the next summer. Hence you will buy a ______ euro fx contract. The June futures price quote on CME is 1.22, how much does your group need to collect per student is USD?

		Short; $6100
		short; $ 5000
		long: $6500
		long; $6100