1.An investor enters into a short futures contract to sell 62,500 British pounds for US dollars at an exchange rate of 1.3023 US dollars per pound. How much does the investor gain or lose if she later closes her position at the exchange rate of 1.3423 US dollar per pound?

2.Suppose that you buy a put contract with a strike price of $40 per share with a premium of $3 per share. The contract is on 100 shares of company ABS stock.At the expiration date, the ABS stock price turns out to be $39 per share, what is your total lose or gain from this option?