1. Consider a company with a free cash flow (FCF) of 946,000, a weighted average cost of capital (WACC) of 0.15 and an expected growth rate of 0.04. What is the company's value using the constant growth stock model?

2. Consider a speculator in a long oil futures contract that controls 1000 barrels of oil. If the speculator signs 12 long positions when the price of oil is 67.7, and the price of oil changes to 36.6, how much money has the speculator made or lost?