The multiplier for a futures contract on a stock market index is $$150.$ The maturity of the contract is $1$ year, the current level of the index

is $2,000,$ and the risk$-$free interest rate is $0\mathrm{.}5\%$ per month. The dividend yield on the index is $0\mathrm{.}1\%$ per month. Suppose that after $1$

month, the stock index is at $2,020.$

a$.$ Find the cash flow from the mark$-$to$-$market proceeds on the contract. Assume that the parity condition always holds exactly. $($Do not

round intermediate calculations. Round your answer to $2$ decimal places.$)$

Cash flow

b$.$ Find the holding$-$period return if the initial margin on the contract is $$7,000.($Do not round intermediate calculations. Round your

answer to $2$ decimal places.$)$

Holding period return