1. On October 1, you purchase one March stock index futures contract at the open- ing price of 410.50. The contract multiplier is $500, so the price of 410.30 is really $500 (410.30) = $205,150. You hold the position open until February 20, whereupon you sell the contract at the opening price of 427.30. The settlement price on December 31 was 422.40. You are in the 31 percent tax bracket. Com- pute your tax liability.