Your small multinational US business forcasts 500,000 Euro in revenue for sales of your products in France in 6 months. The 6 month EUR forward rate is 1.20. You are thinking of hedging 100% of the exposure using a forward contract. If the actual exchange rate in 6 months is 1.05, then what would be the US dollar gain or loss on your hedge (step 2)?

		$90,000 gain
		($75,000) loss
		$75,000 gain
		$0 gain or loss