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Market bank takes a long position in Treasury bond futures which are currently quoted at 105-100. If the price of the future contract decreases to

Market bank takes a long position in Treasury bond futures which are currently quoted at 105-100. If the price of the future contract decreases to 104-280, what is Market's profit or loss
a. -$500
b. $487.25
c. $437.50
d. -437.50
e. $500

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