MJ22 basis calculation

What the examiner has written under scenario (i) is confusing. His 'alternative' is more understandable. They will convert at the actual spot rate on 1 August which is given as being 1.1534. The futures deal involves buying at 'todays' price of 1.1560 and selling at the price on 1 August which is given as being 1.1552.

The mistake in your method is because it is not as I have detailed in my previous reply, which is the correct method. If the question gives the closing futures price then there is no point in attempting to calculate it, when the calculation is only ever an approximation given the basis does not actually fall linearly. I am not going to explain the examiners 'alternative' because it is silly.