On Monday morning, an investor takes a short 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 sale on the futures contract (deal) and the sale on delivery day (Wednes- day) at the settlement price for that day. (e) Present a graphical solution of this problem (x-axis: , y-axis: sale in $). Please report the unhedged (spot) and hedged (futures) solution and indicate the implicit profit or loss on the graph at delivery date