You hedged your banks exposure to declining interest rates by buying one June Treasury bond futures contract at the opening price on April 10, 2008 (see exhibit 8-2), which was quoted at 119-075.

It is now Tuesday, June 10, and you discover that on Monday, June 9, June T-bond futures opened at 115-165 and settled at 114-300.

(1) What is the profit or loss on your long position as of settlement on June?

(2) If you deposited the required initial margin on April 10, which was $1,800 per contract, and have not touched the equity account since making that cash deposit, what is your equity account balance?