1) You go short on 20 oil futures contracts on NYMEX when the futures price of oil is $40 a barrel and close out your position three days later at a futures price of $45 a barrel. One future contract is for 1,000 barrels. What are your gain or losses? (5 points) 2) A bakery enters into 34 long wheat futures contracts on the CBOT at a futures price of 650.2 cents per bushel. It closes out the contracts at maturity. The spot price at this time is 700.2 cents per bushel. Each contract is for 5,000 bushels. What are the bakery's gains or losses from its futures position? (5 points)