12. You purchase (go long) a Swiss frane futures contract at a price of $0.69 per Sfr. The contract size is 125,000 Swiss francs and matures in 90-days. At the close of the trading today, the futures settlement price has risen to $0.73 per Sfr. Under marking to market, at the end of this day (after the contract has been marked to market) you now a) must pay $1250 and are long the futures contract price at $0.69 b) will receive $1250 and are long a new futures contract price at $0.73 c) will receive $5,000 and are long the futures contract priced at $0.69 d) will receive $5,000 and are long a new futures contract priced at $0.73 f) should immediately liquidate your hedge 13. You currently hold a stock and are considering adding options to form a "protective put position". This strategy could makes sense if: a) You want to increase the expected return of your position, on average. b) You want insurance to ensure that your portfolio's value does not fall below a certain level c) You want current income and you anticipate a significant price decrease in the stock d) You expect an increased stock price movement in the short term