A futures contract on S&P 500 with the maturity 3 months has settled at 2,510 today. The underlying index value is $2,500 now and is going to pay a $13 dividend in 3 months. The discount factor (present value of $1) is 0.997. Calculate your arbitrage profit in 3 months from the strategy in the table below (per unit of the index).

Position	Cash Flow, t=0	Cash Flow, in 3 months
Buy S&P 500	-2,500
Borrow at the risk-free rate	+2,500
Short Futures	0
Total	0	Arbitrage profit = ?

	a.	12.48
	b.	10.96
	c.	15.48
	d.	8.91

Exchange rate is currently $1.85 US per 1 British pound. Interest rate is 3% in the US and 4% in the UK. A bank is short a futures contract on 1,000,000 pounds with F= $1.9 million maturing in one year. Find the delta of the banks position.

	a.	-961,538.46
	b.	+966,183.57
	c.	-970,873.79
	d.	+956,937.80