1. The quoted settlement prices of the May 2015 Soybean futures contract over five successive trading days were as follows:

4/3/2015	979
4/6/2015	971
4/7/2015	971
4/8/2015	954
4/9/2015	951

The contract calls for delivery of 5,000 bushels of soybeans and is quoted in cents per bushel. The initial margin required by the exchange was $2,300 per contract, and the maintenance margin was $2,000.

b. If the trader incurs a round-turn transaction cost of $25, what was her net profit or loss if she took an offsetting position at the settlement price on April 9, 2015? [1 point]