You have decided to purchase 22 oil futures contracts at a settle price of $53.60 per barrel. Each futures contract has a standard size of 1,000 barrels and an initial margin requirement of $4,288. a. What is the leverage factor associated with these contracts? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. If oil rises to $55.50 per barrel, what is the total percentage return on your futures position? (Do not round intermediate calculations. Round your answer to 1 decimal place.) c. What is the total percentage return on your futures position if oil falls to $52.45 per barrel? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer as a percent rounded to 1 decimal place.)