Solution:-

If we take a long position GBP position with a 1-year forward contract, than my gain or loss from the contract is the differential between the forward contract price and spot price after 1 year. If the spot price after one year is unfavourable as compared to the forward contract price, we would make a gain from the contract and vice-versa.

Let's understand this way. As we have entered into the forward contract, we would buy GBP after one year at the rate of $1.51 per GBP. Hence, the amount of GBP we would end up buying is as follows:

GBP bought after one year under the forward contract= Contract value in USD/USD per GBP= $2,000,000/$1.51= GBP 1,324,503.31126

Now, value of this GBP acquired after one year will be on the basis of the spot price prevailing after one year as follows:

$ market value of GBP acquired based on spot market after 1 year= GBP 1,324,503.31126*USD per GBP

$ market value of GBP acquired based on spot market after 1 year= GBP 1,324,503.31126*1.58= $2,092,715.23

Now, our cost to buy GBP after one year was $2,000,000 and the market value of the acquired currency in spot market turned out to be $2,092,715.23, therefore, we made a gain from the forward contract and is calculated as follows:

Gain from forward contract= Market value of acquired GBP - Cost to buy GBP = $2,092,715.23 - $2,000,000 = $92,715.23

Thus, the correct option is the third option.