A one-year futures contract on a non-dividend paying stock is entered into at fair value when the stock price is $170. The price of the stock is $200 six months later, and $180 at maturity. The continuously compounded risk-free interest rate is 3% per annum and does not change throughout the life of the contract. Assume that futures contracts are marked to market every 6 months and consider a long position in the contract. The futures contract's cash flow at t = 6 months is: The futures contract's cash flow at t = T = 12 months is