Assume that in November a speculator thinks interest rates will rise over the next two weeks and wishes to profit from this expectation. The investor can sell one December T‐bond futures contract at a price of 90–20. Two weeks later, the price of this contract has declined to 88–24 because of rising interest rates. This investor would have a gain of 1 28/32, or $1,875 (each 1/32 is worth $31.25), and could close out this position by buying an identical contract.