20.1 Calculate the per-contract gain or loss on T-bond futures contracts ($100,000) for the following transactions. In each case, the position is held six months before closing it out.

a. Sell 10 T-bond contracts at a price of 8220 and buy 10 at 7612. b. Sell 10 T-bond contracts at a price of 8014 and buy 10 at 77. c. Buy 15 T-bond contracts at 6210 and sell 15 at 6424. d. Sell one T-bond contract at 7014 and buy one at 7808.