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A futures contract on Treasury bond futures with a December expiration date currently trade at 103:06. The face value of a Treasury bond futures contract is $100,000. Your broker requires an initial margin of 10%. (Remember that 1/32 = $31.25)

If the futures contract is quoted at 105:08 at expiration and position is long in the futures contract calculate the gain or loss at maturity.

a.	$1992.00
b.	$2000.34
c.	-$2000.34
d.	$2,062.50
e.	-$2,062.50