Business, 11.06.2021 15:50 MathChic68
On June 15, a U. K. firm is planning to import computers worth $5 million from Intel on September 3. The U. K. firm has to pay $ on September 3. So, the U. K. firm has account payable (A/P). The firm decides to hedge its position using the London International Financial Futures Exchange (LIFFE). The spot rate is $1.3139. The September LIFFE futures price is $1.3280. The firm chooses an amount of futures contracts that matches as closely as possible, at the current exchange rate, its $ 5 million position. Later, on September 3, the spot rate is $1.2590, while the September futures price is $1.2550. Calculate the net gain or loss, in terms of pounds, of the hedged position as of September 3. (Ignore any interest rate opportunity gain or loss from the time pattern of cash flows & assume available maturity of LIFFE futures is not closely matching with the credit period.) A) 8,078 pounds loss B) 8,078 pounds gain C) 51,493 pounds loss D) 51,493 pounds gain E) None of the above
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