IRU9 is the 90-day Bank Bill Futures maturing in mid-September 2019. The table below, which shows the market observed quoted prices of IRU9 for several days in July 2019, is relevant to answer questions (23) to (25). Date Quoted price 15/07/2019 98.88 12/07/2019 98.88 11/07/2019 98.89 10/07/2019 98.88 09/07/2019 98.89 08/07/2019 98.89 05/07/2019 98.91 04/07/2019 98.92 03/07/2019 98.93 Source: Bloomberg Sammy took a long position in the IRU9 on 3 July 2019 and closed it on 15 July 2019 as planned. What was his realized gain/loss from closing out the IRU9? QUESTION 25 Ignore Sammy. Another derivatives trader, John, took a short position in IRU9 on 08/07/2019 and held it until maturity. When the IRU9 matured in mid-September 2019, John closed his derivative short position and sold the 90-day Bank Bill at the 1% spot rate. What net rate of interest did he earn on his investment? O 0.80% o O 1.11% 02.11% O 1.00%