Suppose the futures price is 1100 and you wish to acquire a $2.2 million position in the S&P index.

(i) How many futures contracts will you buy or sell, if the current value of one futures contract is $275,000?

(ii) Suppose that there is a 10% margin in weekly settlement. How much will you lose if the S&P futures price drops by 1, to 1099?

(iii) Suppose that over the first week, the futures price drops 72.01 points to 1027.99. On a mark-to-market basis, how much will you lose?