Laura Cervantes is a currency speculator and she sells eight June futures contracts for 500,000 pesos at the futures price of 0.10773 $/MXN. a) What is the value of her position at maturity if the ending spot rate is $0.12002/MXN?
b) What is the value of her position at maturity if the ending spot rate is $0.09802/MXN?

500,000 Pesos (MXN) is the June Futures Contract

Number of Contracts Sold = 8

Initial Exchange Rate = 0.10773$ / MXN

Initial Position Value = 8 x 500000 x 0.10773

Initial Position Value = $430,920

i. Final Exchange Rate = $0.12002 / MXN

Final Position Value = 8 x 500000 x 0.12002 = $480,080

Net Position Value = 430920 - 480080 = - $49,160

ii. Final Exchange Rate = $0.09802 / MXN

Final Position Value = 8 x 500000 x 0.09802 = $392,080

Net Position Value = 430920 - 392080 = $3,884

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.

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