Question 1: There are appropriate answer. Long-dated futures price is lower than long-dated forward price when interest rates and futures prices are correlated not strongly positively strongly negatively somewhat Dividend yield makes the stock index futures contract cheaper more expensive unchanged go up. The par rate is equal to the forward rate the sum of the forward rates simple average of the forward rates the weighted average of the forward rates You bought 100 ounces of gold two years forward at 1,850. One year later (i.e., today), the spot pric the gold is 1.800 and the one-year interest rate is 2% per year. You have a profit a loss neither profit nor loss no risk