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A Spanish investment group shorted 8000 shares of XYZ (Canadian firm) last year. At the time of the short sell, XYZ was trading at C$50 and the…

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A Spanish investment group shorted 8000 shares of XYZ (Canadian firm) last year. At the time of the short sell, XYZ was trading at C$50 and the exchange rate was €.60/C$. Find the investment group’s profit/loss in terms of euros if they close their short position when XYZ trades at C$45 and the exchange rate is C$1.8/€. Round intermediate steps to four decimals.

 

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