Refer to the Mini-S&P contract in Figure 22.1. Assume the closing price for this day. a. If the margin requirement is 21% of the futures price times the contract multiplier of $50, how much must you deposit with your broker to trade the March maturity contract? (Round your answer to the nearest whole dollar.)

b. If the March futures price increases to 2606.50, what percentage return will you earn on your investment if you entered the long side of the contract at the price shown in the figure? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

c. If the March futures price falls by 1%, what is your percentage return? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.)

Futures Contracts | wsj.com/commodities Metal & Petroleum Futures Contract Open interest Open High hi lo low Settle Chg Copper-High (CMX)-25,000 lbs.; $ per lb. Jan 2.6445 2.6460 2.6410 March 2.6500 2.6595 2.6315 Gold (CMX)-100 troy oz.; $ per troy oz. 1284.90 2.6410 -0.0105 2.6370 -0.0105 1,756 138.638 Jan 353 1286.80 4.10 Feb 1287.00 1297.00 1284.10 1289.90 June 1298.90 1309.00 1298.50 1302.90 Aug 1310.00 1315.10 1307.80 1309.00 Dec 1317.60 1326.80 1317.60 1321.50 Feb'20 1327.90 1331.00 1327.30 1327.70 Palladium (NYM)-50 troy oz.; $ per troy oz. March 1242.40 1249.40 1230.80 1240.20 June 1226.20 1231.90 1216.10 1224.30 4.10 302,111 4.20 43,689 4.10 10,837 4.10 4.20 9,830 3,090 5.80 4.70 24,797 3,313 Platinum (NYM)-50 troy oz.; $ per troy oz. 824.20 818.40 Jan Jail April 825.40 821.00 836.50 -3.60 261 -2.90 85,951 827.20 823.30 824.30 Silver (CMX)-5,000 troy oz.; $ per troy oz. 15.750 15.669 Jan 15.750 15.750 -0.026 March 15.800 15.880 15.680 15.756 -0.030 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 820 142,916 Feb 48.22 49.79 A 48.11 48.52 March 48.49 50.11 A 48.44 48.82 April 48.85 50.47 A 48.80 49.17 0.56 367,400 0.54 319,791 0.52 136,259 0.50 115,849 0.48 229,259 0.40 191,808 May 49.32 50.90 A 49.32 49.60 June 49.79 51.33 A 49.72 50.04 Dec 51.32 52.77 A 51.30 51.48 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 1.7775 1.8245 A 1.7764 1.7784 .0092 0104 109,341 73,598 March 1.7691 1.81601.7690 1.7714 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 1.3585 1.3945 1.3389 1.3408-0070 120,856 March 1.37 16 1.4080 1.3524 1.3541 -.0077 88,591 1:9044 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Feb 2.932 2.994 2.910 2.944 -.100 174,258 March 2.812 2.886 2.793 2.847 -.058 270,970 April 2.650 2.708 2.640 2.677 -.011 148,613 May 2.637 2.687 2.625 2.662 -.002 132.474 July 2.718 2.765 2.708 2.746 -.007 62,540 Oct 2.710 2.761 2.698 2.751 -.016 105,445 Agriculture Futures 382.25 -.75 751,642 397.50 -.75 242,635 279.50 -.50 4,124 276.00 -4.25 638 Corn (CBT)-5,000 bu.; cents per bu. March 382.25 384.00 381.75 July 397.50 399.00 397.00 Oats (CBT)-5,000 bu.; cents per bu. March 279.50 280.25 276.50 May 279.50 279.50 274.00 Soybeans (CBT)-5,000 bu.; cents per bu. Jan 909.50 915.75 909.50 912.25 March 921.00 927.75 920.75 924.25 Soybean Meal (CBT)-100 tons.; $ per ton. Jan 316.00 319.30A 316.00 318.20 March 319.40 323.30 A 319.20 322.20 Oil Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan 28.47 28.55 A 28.26 March Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2.75 3,422 2.75 337,323 3.10 1,798 3.20 193,399 28.26 -.15 28.70 28.80 28.47 28.51 972 219,566 -.13 March 1048.00 1069.00 1048.00 1066.50 18.50 7,164 May 1071.50 1083.50 A 1071.50 1082.50 May 18.50 102 Wheat (CBT)-5,000 bu.; cents per bu. March 518.00 518.50 513.50 530.50 530.50 525.50 516.75 25 527.00 -2.50 229,028 76,657 July Wheat (KC)-5,000 bu.; cents per bu. March 506.25 507.25 500.50 March E17.50 May Whe 503.00 -3.00 182,341 514.50 -3.00 55,722 517.50 518.75 512.00 m Wheat (MPLS)-5,000 bu.; cents per bu. March 570.25 572.00 565.50 568.00 -2.25 33,947 Ma May may 575 50 575.50 577 25 577.25 3114 570.75 573.25 -2.25 13,177 Cattle-Feeder (CME)-50,000 I lbs.; cents per lb. Jan 144.600 146.325 144.200 146.000 1.100 8,483 March 142.150 144.425 142.000 143.900 1.075 25,193 C Cattle-Live (CME)-40,000 lbs.; cents per lb. Fab Feb 129,414 1.075 115,863 61.950 62.150 61.250 61.900 -.050 66.700 66.900 65.825 66.375 - 375 79,843 60,839 121.800 123.400 121.425 123.200 1.275 April 123.850 125.375 123.500 125.075 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Feb April Lumber (CME)-110,000 bd.ft; $ per 1,000 bd. ft. 326.20 326.20 323.00 324.80 March 332.20 333.00 328.00 330.80 Milk (CME)-200,000 lbs.; cents per lb. Jan 14.16 Feb Jan 1.20 398 2.724 .90 14.14 11 14.26 14.12 14.72 14.73 14.55 4.391 4,095 14.57 -.17 Cocoa (ICE-US)-10 metric tons; $ per ton. March 2,362 2,413 2,356 May 2,395 2,449 2,394 2,410 49 49 96,443 51,809 2,447 Figure 22.1 Futures listings Source: The Wall Street Journal, July 6, 2016 Open Contract Open High hi lo low Settle Chg interest Coffee (ICE-US)-37,500 lbs.; cents per lb. March 101.50 103.45 101.15 102.75 104.40 106.55 104.30 105.75 1.15 127,138 1.10 60,630 May Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 11.95 12.67 A 11.94 May 12.73 A 12.03 12.65 72 389,965 12.04 12.72 .70 188,201 12:04 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Juga March 25.40 25.40 .04 2,718 May 25.40 A 25.34 25.54 25.50 Cotton (ICE-US)-50,000 lbs.; cents per lb. 25.50 25.50 -.01 2,455 Cam Mar March 72.49 72.52 72.48 73.92 72.75 23 126,870 May 73.99 75.23 A 73.92 74.10 .16 39,088 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. .65 582 Jan 121.20 122.00 121.15 121.95 March 123.75 124.80 122.85 123.85 55 14,103 Interest Rate Futures 949,992 61 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 146-230 147-170 146-040 146-160 -12.0 June 146-160 146-190 145-300 145-270 -13.0 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 121-290 March 122-060 122-150 122-015 -8.0 4,102,583 June 122-150 122-240 122-065 122-105 -7.5 2,418 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 114-215 114-280 114-155 -5.5 4,590,715 114-187 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 106-045 106-065 106-010 106-025 -2.7 2,552,998 30 Day Federal Funds (CBT)-$5,000,000; 100-daily avg. 97.600 97.600 97.598 97.598 -.002 Jan 317,562 310,713 April 97.605 97.615 97.600 97,605 -005 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 102.766 102.797 102.297 102.391 -.219 27,938 Jan 0075 A 535 March 1 Month Libor (CME)-$3,000,000; pts of 100% 97.4875 Eurodollar (CME)-$1,000,000; pts of 100% Jan 97.2300 97.2375 97.2250 97.2300 March 97.2850 97.3150 97.2850 97.3000 June 97.3050 97.3450 97.2900 97.3150 Dec 97.3650 97.4100 97.3250 97.3550 -.0250 1,740,407 0050 268.383 0050 1,429,121 1,252,674 Currency Futures Japanese Yen (CME) 12,500,000; $ per 100% .9211 .9247 1,190 222,921 Jan .9228 .9257 9213.0008 March .9272 .9310 .9259.0009 Canadian Dollar (CME)-CAD 100,000; $ per CAD .7479 .7522 .0054 Jan www .7479 7530 A 7424 7484 7544 A 7424 723 166,071 March 7484 7533 0054 British Pound (CME)-62,500; $ per Jan 1.2747 1.2775 1.2729 1.2775 .0031 March 1.2780 1.2832 1.2764 1.2815 0031 2,616 204,679 Swiss Franc (CME)-CHF 125,000; $ per CHF March 1.0206 1.0285 1.0200 1.0277 .0071 66,727 June June .0071 95 Jan 7125 331 1.0330 1.0369 1.0292 1.0368 Australian Dollar (CME)-AUD 100,000; $ per AUD 71507124 .7143 0026 7148 7135 7147 .0026 7158 A 7122 71497144 Feb 680 March 7135 .7129 7144 7150 .0026 124,074 April 253 June 661 121 .7153 0026 .7133 7160 A 7133 .7160 0027 Sept 7147 7161 A 7147 .7169 0026 Mexican Peso (CME)-MXN 500,000; $ per MXN March 05107 05129.05084 .04890 0490504887 Euro (CME)-125,000; $ per Jan 1.1415 1.1488 1.1415 March 1.1475 1.1551 1.1471 05113 00014 05035 00013 161,111 35 June 1.1486 0079 1.1547 .0079 1,938 489,919 Index Futures Mini DJ Industrial Average (CBT)-$5 X index 23668 23279 March 23470 Dec 23512 23523 23686 23350 23530 117 118 72,535 544 S&P 500 Index (CME)-$250 x index March 2536.70 2567.00 2525.00 2550.60 marc 29000 2907.00 19.30 39,216 Mini S&P 500 (CME)-$50 X index 19.20 2,634,252 19.40 27,554 March 2537.25 2567.502523.25 2550.50 marc June 2540.25 2571.25 A 2528.50 2555.00 Viel Mini S&P Midcap 400 (CME)-$100 X index March 1690.00 1717.10 A 1679.20 400 1703.30 17.70 69,276 Mini Nasdaq 100 (CME)-$20 X index March 6451.3 6535.8 6402.5 June 6471.5 6557.0 6427.0 6496.5 62.5 196,948 6520.8 63.8 1.350 Mini Russell 2000 (CME)-$50 X index March 1384.40 1414.60 A 1375.80 1405.90 24.30 465,350 534 June 1391,60 1417.90 A 1386.80 1410.50 25.00 Mini Russell 1000 (CME)-$50 x index March 1402.00 1418.90 1402.00 1409.80 10.70 7.664 U.S. Dollar Index (ICE-US)-$1,000 x index March 95.71 95.73 95.20 95.08 95.08 94.75 95.23 - 52 57,402 June 94.74 -.51 945 Required margin deposit Percentage return on net investment % Percentage return on net investment %