Refer to question 25.11. There are four-month T-bond futures available. A single contract is for $100,000 of T-bonds. a. Suppose that between today and your meeting with the president of MAX, the market rate of interest rises to 12 percent. i. How much is MAXs president willing to pay you for the mortgage? ii. What will happen to the value of the T-bond futures contract? iii. What is your net gain or loss if you wrote a futures contract? b. Suppose that between today and your meeting with the president of MAX, the market rate of interest falls to 9 percent. i. How much is MAXs president willing to pay you for the mortgage? ii. What will happen to the value of the T-bond futures contract? iii. What is your net gain or loss if you wrote a futures contract?