An investor enters into a short forward contract to sell ¥50,000 for U.S. dollars at an exchange rate of ¥110/$1. a) How much does the investor gain or lose if the exchange rate at the end of the...

An investor enters into a short forward contract to sell ¥50,000 for U.S. dollars at an exchange rate of ¥110/$1.

a)
How much does the investor gain or lose if the exchange rate at the end of the contract is ¥108/$1?

b)
Did ¥ appreciate or depreciate against $ in part
a)?