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What was the total amount received by the company

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It is the beginning of March and a U.S. company expects to receive 75 million Japanese yen at the end of July. Japanese yen futures contracts on the CME Group have delivery months of March, June, September, and December. One contract is for the delivery of 10.5 million yen and the company shorts four September futures contracts in March. When the Yen are received at the end ofJuly, the position is closed out. The futures price on March 1 is 1.0400, the futures price when the position was closed was 1.0100, and the spot price when the position was closed 1.0150. What was the total amount received by the company for the 75 million yen?

Reference no: EM133275861

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