On Monday morning you sell one June T-bond futures contract at R97,843.75. The contract's face value is R100,000. The initial margin requirement is R2,700, and the maintenance margin requirement is R2,000 per contract. Use the following price data to answer the following questions.

Day Settle Monday R 97,406.25 Tuesday R 98,000.00 Wednesday R100,000.00

The cumulative rate of return on your investment after Wednesday is a ________.

Select one:

a. 79.9% loss

b. 33% gain

c. 2.6% loss

d. 53.9% loss