The multiplier for a futures contract on a stock market index is $$105.$ The maturity of the contract is one year, the current level of the index is $$4,000,$ and the risk$-$free interest rate is $0\mathrm{.}4\%$ per month. The dividend yield on the index is $0\mathrm{.}1\%$ per month. Suppose that after one month, the stock index is at $4,050.$

Required:

A$)$ Find the cash flow from the mark$-$to$-$market proceeds on the contract. Assume that the parity condition always holds exactly.

B$)$ Find the holding$-$period return if the initial margin on the contract is $$11,100.$