Crude oil futures contracts are 1,000 barrels, are quoted in dollars per barrel, and the initial margin is $9,000 per contract. Soybean futures contracts are 5,000 bushels, are quoted in cents per bushel, and have an initial margin of $4,725. E-mini S&P 500 futures contracts are quoted in S&P 500 index value with a $50 multiplier and have an initial margin of $12,650 per contract. Gold futures contracts are 100 ounces and are quoted in dollars per ounce. 1. A speculator opens a short position in 250 crude oil contracts at a price of 97.15. One month later the speculator closes out the position at a price of 95.42. 3 pts a. What is the speculators profit/loss? b. What is the return on the speculators investment?

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