11. An oil producer plans to sell 1 million barrels of crude oil one year from now. The oil price in one year is normally distributed with the mean of $80 per barrel and the standard deviation of $12 per barrel. What is the probability that the sales revenue is lower than $50 millions? (a) 0.62% (b) 41.75% (c) 58.25% (d) 99.38% 12. Consider a 3-year forward contract on a corporate bond. The bond will provide $20- coupon in year 1 and $30-coupon in year 2. The bond currently sells for $980. The risk-free interest rate is 3% per annum. What is the 3-year forward price? (a) $960.73 (b) $1,020.14 (c) $1,051.05 (d) $1,072.29 13. On date 0, an investor starts a short position in one futures contract on Bitcoin. One contract is for delivery of 5 Bitcoins. Following are the future prices on subsequent dates. What is the cumulative gain for the investor from date 0 through date 5? Assume that the risk-free rate is zero. Date 0 1 2 Bitcoin futures price ($ per 1 Bitcoin) 11,410 11,784 12,005 11,568 11,235 10,912 3 4 5 (a) -$2,490 (b) -$498 (c) $498 (d) $2,490