$($a$)$ Apple Austin a private investor, purchased a futures contract on Treasury bonds at a price of $101-7.$ Two months later, Apple sells the same futures contract in order to close out the position. At that time, the futures contract specifies $103-12.$ What is her nominal profit or loss? $($b$)$ An investor expects interest rates to increase and purchases a put option on Treasury bond futures with an exercise price of $9812$ and a premium of $100.$ Just prior to the expiration date, the price of Treasury bond futures is valued at $9310.$ What is the net gain in $ amount from this strategy if the investor closes out the position by purchasing an identical futures contract?