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1. Assume that a T-bill futures contract with a face value of $1 million is purchased at a discount of 5%. At settlement, the discount

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1. Assume that a T-bill futures contract with a face value of $1 million is purchased at a discount of 5%. At settlement, the discount of T-bill is 4.5%. What is the total gain/loss of the futures contract? 2. Assume that a futures contract on Treasury bonds with a face value of $100,000 is purchased at 93-05. If

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