Suppose that Ace Insurance Company forecasts that stock market prices are going to increase considerably over the next three months and that they want to purchase500S&P 500 index futures contracts that have settlements that are six months out. If the index has a value of 3,000, and the value of a contract is 250 times the indexs value, then Ace Insurance Company will have invested $______ in the futures contracts.

Suppose after three months, the S&P 500 index is 3,100. If Ace Insurance Company wants to offset their position, they would (purchase/sell) ______ (Nasdaq 100 Index / S&P 500 Index / E-Mini Nasdaq 100 Index / E-Mini S&P 500 Index) futures contracts, resulting in a total (loss/profit) of $______.

(Hint: Assume that there were no transaction costs and that the values you enter are all positive numbers.)