On Monday morning, an investor takes a long position in a pound futures contract that matures on Wednesday afternoon. The agreed upon price is $1.780 for 62,500. At the close of trading on Monday, the futures price has risen to $1.790. At Tuesday close, the price rises further to $1.800. At Wednesday close, the price falls to $1.785, and the contract matures. The investor takes delivery of the pounds at the prevailing price of $1.785. Assume the initial margin is $1,620 and the maintenance margin is $1,200. Please calculate: (a) The daily cash flows on the investor's account. (b) Any margin call on the account. (c) The net loss/profit on the futures contract. (d) Show that the net loss/profit on the futures contract equals the difference between the total payment on the futures contract (deal) and the payment on delivery day (Wednesday) at the settlement price for that day. (e) Present a graphical solution of this problem (x-axis: , y-axis: payment in $). Please report the unhedged (spot) and hedged (futures) solution and indicate the implicit profit or loss on the graph at delivery date