On January 31, 2020 Fred has a 50,000 foreign currency denominated Accounts Payable due in 1 month. This payable is not hedged. The following exchange rates were in effect.   January 31, 2020  :   spot rate                             5  US  =  1 FC January 31, 2020: one month forward rate 2.5 US  =  1FC February 28, 2020 spot rate                             4 US =   1 FC February 28, 2020 one month forward rate 3 US =   1FC             How much is the FX gain or loss on February 28, 2020.

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