Question 2 On 15 March 2020 a speculator buys eight March 2020 Wheat futures contracts on the Kansas City Board of Trade at a price of 661.15 cents per bushel. The speculator closes out her position on 16 March 2019 at a futures price of 501.00 cents per bushel. The futures contract is written on 5,000 bushels of wheat and, for a speculator, the initial and maintenance margins are $1,150 and $900 per contract respectively. Required: (a) Construct a table similar to the table below to illustrate the daily marking-to-market (and final settlement) of the speculator's overall long futures position. The daily settlement prices can also be found in the EXCEL spreadsheet March wheat futures contract.xls. (This Excel file contains the format of the Table to be completed). Margin Date Trade Price Settlement or Futures Price (cents/bushel) Daily gain/loss (S) Cumulative gain/loss ($) Margin account balance 1 () call (cents/bushel) 661.15 1/03/2020 1/03/2020 2/03/2020 3/03/2020 4/03/2020 5/03/2020 6/03/2020 7/03/2020 8/03/2020 9/03/2020 10/03/2020 11/03/2020 12/03/2020 13/03/2020 14/03/2020 15/03/2020 16/03/2020 663.50 664.00 662.00 600.00 625.00 650.00 615.00 575.00 540.00 545.00 565.00 515.00 510.00 520.00 505.00 505.00 501.00 ? 2 ? ? ? 501.00 Profit loss Note: Assume that the Speculator does not withdraw any excess out of their margin account. The table of dates assumes trading and margin calls etc. over weekend days. (9 marks) (6) What is the overall profit loss of the speculator? (1 marks)