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On 14 January, Tacoma Co., an Australian company anticipates that it will need Chinese yuan (CNY) in March when it orders supplies from a Chinese supplier. Tacoma, therefore, purchases a futures contract specifying CNY4 million and a March settlement date (which is 21 March for this contract). On 14 January, the futures contract is priced at A$0.2899 per CNY. On 11 February, Tacoma realises that it will not need to order supplies because it has reduced its production levels. Therefore, Tacoma has no need for CNY in March. It sells a futures contract on CNY4 million with the March settlement date to offset the contract it purchased in January. At this time, the futures contract is priced at A$0.3210 per CNY. Calculate the profit or loss in percentage (ignore the margin requirements) that Tacoma incurs due to closing its' March futures contract position.
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