OneChicago has just introduced a single$-$stock futures contract on Brandex stock, a company that currently pays no dividends. Each contract calls for delivery of $1,200$ shares of stock in $1$ year. The T$-$bill rate is $6\%$ per year.

a$.$ If Brandex stock now sells at $$110$ per share, what should the futures price be$?($Round your answer to $2$ decimal places.$)$

$\backslash$table$[[$Futures price,$$,116\mathrm{.}80]]$

b$.$ If the Brandex price drops by $4\%,$ what will be the new futures price and the change in the investor's margin account for a long position? $($Round "Futures price $($new$)"$ answer to $3$ decimal places and other answer to the nearest dollar amount. Negative amount should be indicated by a minus sign.$)$

$\backslash$table$[[,],[$Futures price $($new$),],[$Change in the investor's margin account,$112\mathrm{.}130]]$