a. Refer to Figure 17.1 and locate the contract on the Standard & Poors 500 Index. If the margin requirement is 15% of the futures price times the multiplier of $250, how much must you deposit with your broker to trade the December contract? (Input the amount as positive value. Round your answer to 2 decimal places.)

Required margin $

b. If the December futures price were to increase to 1,205, what percentage return would you earn on your net investment if you entered the long side of the contract at the price shown in the figure? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Percentage return %

c. If the December futures price falls by 2.3%, what is the percentage gain or loss on your net investment? (Input the amount as positive value. Do not round intermediate calculations.)

Percentage gainPercentage loss of %

S&P 500 Index (CME) S250x index Sept 1165.60 1166.90 1136.30 1164.50 -4.30 387,017 Dec 1132.50 1160.00 1132.50 1158.80-4.80 31,648 Mini S&P 500 (CME)-S50 x index Sept 1165.00 116675 1136.00 1164.50 5 3,528,629 Dec 1161.00 1161.00 113050 58.75475 132,810