For a futures contract, the settlement futures price for six months from now is listed as "100-03" or, equivalently, "100'03.0" in a table of Futures Prices: Treasury Bonds - $100,000; Pts. 32nds of 100%.
a. What is the current price of a $100,000 futures contract?
b. What is the implied interest rate on the contract?
c. (1) If interest rates increased by 2.0 percentage points, what would be the contract's new value? (2) Specify (i) whether this represents a gain or loss in the future contract's value and (ii) the amount of the gain/loss.
Please show dollar answers to the nearest cent and percentage answers to two decimal places.