The March CBOT Treasury bond futures contract has a quoted price of 97'12. If annual interest rates go up by 1.25 percentage point, what is the gain or loss on the futures contract? Round to the nearest whole dollar.

($8,499)

($12,619)

($21,214)

($22,995)

None of the above The "missing" information isn't stated in the quiz question; rather, it's the standardized terms for a t-bond futures contract: 100000 face amount, 20-year maturity, 6% annual interest paid semiannually. These terms apply to all such contracts.