You purchased the following futures contract today at the settlement price listed in the Wall Street Journal.Answer the questions below regarding the contract.

Soybean Oil (CBT) 60,000 lbs.; cents per lb.

Lifetime

Open High Low Settle Change High Low Open Interest

Oct. 15.28 15.33 15.25 15.29 -.02 20.35 15.25 7,441

(a) What is the total value of the futures contract?

(b) If there is a 10% margin requirement how much do you have to deposit?

5c.Suppose a trader shorts one soybean oil futures contract, and the price of the contract settles for the next three days as shown in the following table.

Day Contract Price (per lb.) Profit or Loss from 1 contract

0 $0.1529 N/A.

1 $0.1527

2 $0.1540

3 $0.1597

What is the profit or loss at the end of each day. Show your calculations.