Apex Exchange has just introduced a futures contract on the stock of Brandex, a company that currently pays no dividends. Each contract calls for delivery of $1,000$ shares of stock in one year. The T$-$bill rate is $4\%$ per year.

Required:

a$.$ If Brandex stock now sells at $$120$ per share, what should the futures price be$?$

Note: Round your answer to $2$ decimal places.

Futures price

b$.$ Brandex stock now sells at $$120$ per share. If the Brandex stock price drops by $3\%,$ what will be the new futures price and the change in the investor's margin account?

Note: Input all amounts as positive values. Do not round intermediate calculations. Round your answers to $2$ decimal places.

New futures price

Investor's margin account

Brandex stock now sells at $$20$ per share it the margin on the contract is $$2\mathrm{.}000.$ what is the percertage retum on pre invertor poston if the Basdes stock price dose by $3?$

Winte Neputive value should be indicated by a minus sign. Oe met reund inbermediate colculations Round your anawer ta $1$ decimal plece.

Persetage whm