John McClane, the currency speculator, sells ten March futures contracts for 500,000 reads a the closing price $0.4509/R$.
a. What is the value of her position at maturity if the ending spot rate is $0.5000/R$?
b. What is the value of her position at maturity if the ending spot rate is $0.4200/R$?
c. What is the value of her position at maturity if the ending spot rate is $0.47000/R$?