Suppose that you sell a 3-month futures contract on IBM stock for a price of $48. Assume that each contract controls 100 shares of stock. If the following week, the futures price falls to $44:

Group of answer choices

You have made less than $500

You have made more than $500

You have lost less than $500

You have lost more than $500

The contract has not matured, no gains or losses have been realized