EXERCISE 29 Michael Palin, a currency trader for a New York investment firm, uses the following futures quotes on the British pound to speculate on the value of the British pound. British Pound Futures, US$/pound (CME) Maturity March June Open 1,4246 1,4164 High 1,4268 1,4188 Low 1,4214 1,4146 Settle 1,4228 1,4162 Change 0,0032 0,0030 Contract = 62,500 pounds Open High Interest 1,4700 25.605 1,4550 809 a) If Michael Palin buys 5 June pound futures, and the spot rate at maturity is $1.3980/pound, what is the value of his position? b) If Michael Palin sells 12 March pound futures, and the spot rate at maturity is $1.4560/pound, what is the value of his position? c) If Michael Palin buys 3 March pound futures, and the spot rate at maturity is $1.4560/pound, what is the value of his position? d) If Michael Palin sells 12 June pound futures, and the spot rate at maturity is $1.3980/pound, what is the value of his position