1. Mary Craft is expecting large-capitalization stocks to rally close to the end of the year. She is pessimistic, however, about the performance of small-capitalization stocks. She decides to go long one December futures contract on the Dow Jones Industrial Average at a price of 24,520 and short one December futures contract on the S&P Midcap 400 Index at a price of 1,769.40. The price of a futures contract on the Dow is $10 times the index, and the price of a futures contract on the S&P Midcap 400 is $500 times the index. When Craft closes her position towards the end of the year, the Dow and S&P Midcap 400 futures prices are 24,515 and 1,710.20, respectively. How much is the net gain or loss to Craft