1. [1 point) on January 5, Eric sells 15 July 2021 Wheat contracts when the price is 640.25 US cents per bushel. What would be Eric's total gain/loss if the position was closed out on February 1", at a price of 633.75 US cents per bushel? Each contract is for 5,000 bushels. 2. [3 points) Assume the initial margin on crude oil is $4,980 per contact and the maintenance margin is $4,525 per contract. Adam entered into a short futures position on crude oil in the April 2021 contract. Each contract is for 1,000 barrels. Determine at what price Adam will experience a margin call? The current price is $55.81 per barrel. Adam has 7 contracts. I 3. 11 point) Each Copper contract is for 25,000 pounds. Kylle enters into a long position in a March Copper futures contract on November 27 when the price is $3.4180. If the price on February 2 is $3.5240, what is her total gain/loss on 4 contracts? 4. [5 points) Danny entered into five lumber contracts. Each lumber futures contract is for 110,000 board feet. The contract requires an initial margin of $5,400 per contract and a maintenance margin of $4,950 per contract. Prices are in US dollars per 1,000 board feet. Complete the following chart and the questions below: Day Price Settle Price Day Gain Cumulative Gain Margin Balance Margin Call 1 783.9 2 771.9 783.9 775.7 777.2 745.0 716.5 700.6 668.8 703.0 718.9 689.5 665.9 649.5 6722 684.2 663.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 a. What is the amount of the initial margin for Danny's entire position? b. What is the amount of the maintenance margin for Danny's entire position