Suppose that Boeing Corporation exported a Boeing 747 to British Airways and billed £10 million payable in one year. The money market interest rates and foreign exchange rates are given as follows: The U.S. one-year interest rate: 6.10% per annum The U.K. one-year interest rate: 9.00% per annum The spot exchange rate: $1.50/£ The one-year forward exchange rate $1.46/£ Assume that Boeing sells a currency forward contract of £10 million for delivery in one year, in exchange for a predetermined amount of U.S. dollar. Suppose that on the maturity date of the forward contract, the spot rate turns out to be $1.40/£ (i.e. less than the forward rate of $1.46/£). Which of the following is true?