On April 1, the one-month LIBOR rate is 0.11038%, and the two-month LIBOR rate is 0.14838%. The 30-day May Fed Funds rate futures contract is quoting at 99.90. You think there might be an arbitrage play based upon the likelihood of rising interest rates in the near-term. You will use one $5,000,000 contract.

The Fed Funds futures price at May 1 is 100-0.20255=99.79745.

The change is price of your Fed Funds futures contract as of May 1 is, therefore, 99.90-99.79745=0.10255, so your total gain, rounded to the nearest cent, on the contract is $_____. [Hint: This value is somewhere between $400 and $500.]