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The spot price of ExxonMobil is R100 with a dividend yield of 3% and the 206 days Treasury bill rate is 6%(continuous compounding). The initial

The spot price of ExxonMobil is R100 with a dividend yield of 3% and the 206 days Treasury bill rate is 6%(continuous compounding). The initial margin required for ExxonMobile futures is at 10% of the transaction value. After 96 days the price decreases to R85, what will be the present value of profit/loss to the long position of te future contract.

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