Taryn Arsenault is a regular commodities speculator. She is currently considering a short position in July oats, which are now trading at

247.

Her analysis suggests that July oats should be trading at about

241

in a couple of months. Assuming that her expectations hold up, what kind of return on invested capital will she make if she shorts 3 July oats contracts (each contract covers 5,000 bushels of oats) by depositing an initial margin of

$527

per contract?

Her return on invested capital is