1. A speculator sells one 10-year T-note futures contract for $100,000 of face value of T-notes at 98’14. Three month later, the contract expires at 101’10.5. How much did the speculator gain (lose)?
2. A speculator sold one 10-year T-note futures contract for $100,000 of face value of T-notes at 99’04.5. He posted a $2,500 margin on his account. The contract’s closing price at the end of the day is 98’24. What is the amount of funds on the speculator’s account after marking-to-market?