The multiplier for a futures contract on a stock market index is $55. The maturity of the contract is one year, the current level of the index is $3,500, and the risk-free interest rate is 0.4% per month. The dividend yield on the index is 0.2% per month. Suppose that after one month, the stock index is at 3,550. Required:

a. Find the cash flow from the mark-to-market proceeds on the contract. Assume that the parity condition always holds exactly. (Round your answer to 2 decimal places)

b. Find the holding-period return if the initial margin on the contract is $10,100. (Round your answer to 2 decimal places)