Question: Gary lives and works in New Zealand. Since he thinks that the Australian economy will undergo a recession and interest rates will decline, he decides to speculate in the futures market. He buys one 10-year government bond future (the underlying face value is $100,000 (Australian dollar)) at 97.65 with an initial margin of $1,200. After one month, interest rates declined, and the futures price is now $102.30. Calculate Gary's return on invested capital.