Options on the S&P500 index are options on the Index futures. Suppose that it is August 15 and an investor holds one September S&P500 index futures call with the strike price 1,200. One futures contract is for $250. Suppose that the futures price of the index for delivery in September is currently 1,300 and at the close of trading on August 14 the settlement price was 1,290. The futures call is exercised on August 15. 2.1 What position does the investor receive? 2.2 Calculate the cash flow to the investor if the position received is closed immediately. 2.3 If the investor does not close the received position and the settlement price by the end of August 15 is 1,300, what is the cash flow to/from the investor's margin account?