please answer the two questions with explanation .

thank you

Section 1 5) A truder buys a currency futures contract, and then decides to offect this position before the settlement date. The trader can close out this position by: (Select 11pts O selling a futures contract for a different amount of currency buying a futures contract with a different settlement date O buying an identical futures contract. seling an identical futures contract 6) A call option on singapor dollars has an exercise price of 0.568/S8 and a premium of 0.015/55. The present exchange rate is 0.543/58 . This call option can be referred to as Select 1 pts In the money at the money out of the money None of the above