Question: The current spot exchange rate is 3 6 . 4 0 4 0 TRY / USD and the three - month forward rate is 3

The current spot exchange rate is 36.4040TRY/USD and the three- month forward rate is 39.5010TRY/USD. You enter into a long posi- tion on USD120,000. At maturity, the spot exchange rate is 41TRY/USD. How much have you made or lost?

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