Today is 31st December. Spandau Inc. based in UK, anticipates that it will have receipts of $5m in four months’ time, it has a policy of hedging 100% of its transaction risk in the month it arises. The spot rate on 31st December is $/ £ 1.9615, the March future rate is 1.9556 and the June future rate is 1.9502. Calculate the closing future price if in four months’time the spot rate is $/ £ 2.0000.