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Refer to the Mini-S&P contract in Figure 22.1. Assume the closing price for this day.

a. If the margin requirement is 13% of the futures price times the contract multiplier of $50, how much must you deposit with your broker to trade the December maturity contract? (Round your answer to 2 decimal places.)

b. If the December futures price were to increase to 2,084.00, what percentage return would you earn on your net investment if you entered the long side of the contract at the price shown in the figure? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

c. If the December futures price falls by 1%, what is your percentage return? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)

PLEASE ANSWER ALL QUESTIONS, AND IN FULL CALCULATIONS

Open Contract High hilo low Settle C hg Open interest -.65 -.85 137 99,385 09475 726 10 210,447 Coffee (ICE-US)-37,500 lbs., cents per lb. July 145.60 145.60 143.00 144.20 Sept 146.20 147.20 144.10 145.55 Sugar-World (ICE-US)-112,000 lbs., cents per lb. Oct 20.56 21.10 2 0.46 20.87 March 17 20.56 21.13 20.55 20.94 Sugar Domestic (ICE-US)-112,000 lbs: cents per lb. Sept 28.25 28.25 28.05 28.05 Jan'17 27.00 27.00 A 27.00 26.65 Cotton (ICE-US)-50,000 lbs.; cents per lb. July 62.92 62.92 62.92 63.75 Dec 65.50 66.14 64.25 65.21 Orange Juice (ICE-US)-15.000 lbs.: cents per lb. July 185.00 187.65 A 185.00 186.65 Sept 177.20 185.00 A 174.60 183.60 -.16 -38 1.480 1,416 49 13 22 150,428 579 5.80 5.35 14.113 Interest Rate Futures Treasury Bonds (CBT)-$100,000: pts 32nds of 100% Sept 174-130 176-130 173-240 176-080 2-18.0 559,142 June 172-280 174-270 172-140 174-1202-19.0 82 Treasury Notes (CBT)-$100,000: pts 32nds of 100% Sept 133-095 133-315 133-000 133-285 26.0 2,777,302 Dec 132-200 133-020 132-200 133-000 27.0 2,637 5 Yr. Treasury Notes (CBT) $100,000; pts 32nds of 100% Sept 1222-075 122-185122-027 122-155 -11.0 2,644,19 2 Yr. Treasury Notes (CBT)-$200,000: pts 32nds of 100% Sept 109-210 109-235 109 197 109-227 2.5 1,081,786 30 Day Federal Funds (CBT)-$5,000,000; 100-daily avg. July 99.615 99.618 99.615 99.618 -.002 193,832 Aug 99.625 99.625 99.620 99,625 -.005 167,407 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000: pts 32nds of 100% Sept 108.750 108.875 A 108.469 108.781 781 25,579 1 Month Libor (CME) $3,000,000: pts of 100% July 99.5450 99.5450 99.5425 99.5375 .0025 1,602 Aug 99.5300 99.5300 99.5300 99.5375 0025 870 Eurodollar (CME) $1,000,000; pts of 100% July 99.3600 99.3600 99.3500 99.3500 -.0100 189,055 Sept 99.3500 99.3550 99.3350 99.3450 -0050 1,198,322 Dec 99.3 100 99.3200 99.2950 99.3200 .0100 1,347,476 Dec'17 99.1600 99.2150 99.1350 99.2050 -0550 1.178,481 Futures Contracts I wsj.com/commodities Metal & Petroleum Futures Contract Open Open High hilo low Settle Chg interest Copper High (CMX)-25,000 lbs: $ per lb. July 2.2290 2.2455 2.1615 2.1815 -0.0335 3,552 Sept 2.2300 2.2480 2.16202.1835 -0.0335 108,854 Gold (CMX)-100 troy oz.; $ per troy oz. July 1342.20 1356.80 1339.70 1356.40 19.70 2,070 Aug 1345.00 1360.30 1338.50 1358.70 19.70440,422 Oct 1345.00 1363.50 1345.00 1362.20 19.70 37,171 Dec 1352.10 1366.90 1345.70 1365.80 19.80 106,265 Feb'17 1353.30 1369.10 A 1353.30 1368.90 19.90 15,796 June 1365.00 1373.80 1357.30 1374.30 20.00 12,523 Palladium (NYM)-50 troy oz: $ per troy oz. Aug 609.00 609.00 A 609.00 609.85 -3.00 Sept 605.65 617.40 590.60 602.65 -3.00 21,127 Dec 609.65 612.80 598.05 603.35 -2.90 492 Platinum (NYM)-50 troy oz: $ per troy oz. July 1064.60 1073.20 1052.00 1072.00 635 Oct 1062.00 1079.30 1050.20 1076.90 19.80 58,916 Silver (CMX)-5,000 troy oz.: $ per troy oz. July 19.755 21.095 A 19.625 19.866 0.322 1,989 Sept 19.840 21.225 A 19.610 19.907 0.319 159,362 Crude Oil, Light Sweet (NYM)-1,000 bols: $ per bbl. Aug 49.11 49.35 46.33 46.60 -2.39418,068 Sept 49.90 50.03 47.00 47.29 -2.36 282,684 Oct 50.45 50.62 47.61 47.91 -2.34 106,633 Nov 50.92 51.20 48.51 48.51 -2.31 108,604 Dec 51.59 51.75 49.07 49.07 -2.27 244,771 Dec 17 54.24 54.40 51.94 52.27 -1.82 NY Harbor ULSD (NYM) 42,000 gal: $ per gal. Aug 1.5174 1.5258 1.4333 1.4456 -.0659 93,236 March 1.5343 1.5444 1.4548 1.4673 - 0637 66,430 Gasoline-NY RBOB (NYM)-42.000 gal: $ pergal Aug 1.5176 1.5249 1.4157 1.4287 -0848 118,778 Sept 1.5223 1.5317 1.4274 1.4413 -.0787 78,861 Natural Gas (NYM)-10,000 MMBtu.: $ per MMBtu. Aug 2.915 2.945 2.752 2.764 -223 212,803 Sept 2.915 2.944 2.752 2.758 - 223 216,642 Oct 2.960 2.931 2.798 2.802 -211 111,498 Nov 3.065 3.115 2.946 2.955 -187 65,908 Jan'17 3.410 3.472 3.327 3.341 - 151 108,006 March 3.335 3.395 3.268 3.284 - 131 62,935 Agriculture Futures Corn (CBT)-5,000 bu., cents per bu. July 348.00 350.00 V 333.75 7,872 Sept 356.25 356.50 341.00 350.75 -9.25 563,370 Oats (CBT)-5,000 bu., cents per bu. July 208.00 208.50 205.25 216.00 10.50 108 Dec 192.00 193.75 7 188.25 191.50 -1.25 5,695 Soybeans (CBT)-5,000 bu., cents per bu. July 1150.25 1150.25 1110.00 1117.00 -51.75 5,672 May 1120.00 1120.00 1073.50 1077.25 -60.25 428,587 Soybean Meal (CBT)- 100 tons.: $ per ton. July 399.20 399.20 383.00 385.40 -19.40 3,886 Dec 391.50 391.70 378.00 378.00 -20.00 162,712 Soybean Oil (CBT)-60,000 lbs.; cents per lb. July 31.03 31.37 30.52 30.82 -21 2,732 Dec 31.85 31.99 31.01 31.32 -32 172,625 Rough Rice (CBT)-2.000 cwt.: cents per cwt. July 1032.00 1036.00 1020.00 1028.50 -8.00 70 Sept 1042.00 1054.00 1024.00 1031.00 - 14.00 7,702 Wheat (CBT)-5.000 bu.: cents per bu. July 416.25 418.25 405.00 419.50 430.25 434.50 415.75 433.50 3.25 249,335 Wheat (KC)-5,000 bu.: cents per bu. July 391.00 396.75 385.00 402.00 7.75 799 Sept 500.00 509.25 V 493.75 508.25 8.25 27,512 Cattle-Feeder (CME)-50,000 lbs., cents per Ib. Aug 142.575 144.475 139.750 144.075 1.625 24,745 Sept 141.675 143.650 139. 150 143.350 1.650 5,964 Cattle-Live (CME)-40,000 lbs., cents per lb. Aug 113.050 114.225 111.075 113.650 .675 115,581 Oct 113.375 114.475 111.150 114.000 64,211 Hogs-Lean (CME) 40,000 lbs., cents per lb. July 82.750 83.650 81.950 82.050 17,601 Aug 83.950 84.825 82.175 83.250 - 700 93.143 Lumber (CME)-110,000 bd.ft: $ per 1,000 bd. ft. July 308.50 317.50 306.30 317.50 8.20 554 Sept 315.10 325.00 311.60 322.80 3,152 Milk (CME)-200,000 lbs., cents per lb. July 15.05 15.08 14.89 14.97 5,449 Aug 15.98 15.98 15.59 15.70 4,689 Cocoa (ICE-US)- 10 metric tons: $ per ton. July 3,104 3.104 3,104 3,104 24 3.010 3.069 2,984 3,065 70 91,001 242 Currency Futures Japanese Yen (CME)- 12,500,000; $ per 100 Sept 97699881 9750 9871 0092 146,909 Dec 9800 991397869905.0093 620 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sept 7 746 7795 7682 7701 -0043 111,561 Dec 7746 7793 7686 7702 .0042 3,681 British Pound (CME)-62,500: $ per Sept 1.3285 1.3351 1.3010 1.3037 -.0256 216,881 Dec 1.3330 1.3366 1.3029 1.3054 -.0254 1,575 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1.0307 1.0368 1.0271 1.0273 -0038 34,888 Australian Dollar (CME)-AUD 100,000: $ per AUD Sept .7441 .7527 7433 .7440 - 0023 71,326 Dec 7469 .7500 7 413 .7417 -0023 1,053 Mexican Peso (CME)-MXN 500,000: $ per MXN Dec 05333 .05422 .05330 .05226 - 00118 Euro (CME)-125,000: $ per Sept 1.1165 1.1216 1.1092 1.1101-0065 343,690 Dec 1.1198 1.1254 1.1131 1.1140 - 0064 4,523 Index Futures Mini DJ Industrial Average (CBT)-$5 x Index Sept 17880 17924 17689 1 7762 -104 103,682 Dec 17780 17807 17601 17668 -104 290 Mini S&P 500 (CME)-$50 x Index Sept 2099.75 2104.75 2072.50 2082.70 -13.55 2,964,059 Dec 2089.50 2095.75 2064.00 2074.10 -13.65 12,960 Mini S&P Midcap 400 (CME)-$100 x Index Sept 1499.50 1503.70 1469.80 1478.20 -18.50 79,923 Dec 1486.00 1486.00 1486.00 1472.00 -18.50 Mini Nasdaq 100 (CME)-$20 x Index Sept 4438.8 4451.5 4377.5 4404.0 -29.3 197,945 Dec 4429.8 4442. 0 43713 4396.5 -28. 3 3 22 Mini Russell 2000 (ICE-US)-$100 x Index Sept 1155.10 1155.10 1128.90 1135.40 -18.80 329,992 Dec 1153.30 1153.30 1149.90 1130.40 -18.80 933 Mini Russell 1000 (ICE-US)-$100 x Index Sept 1152.10 1154.40 1146.80 1151.90 -8.70 5,307 U.S. Doller Index (ICE-US)-$1,000 x Index Sept 95.63 96.34 95.38 96.26 55 45,977 Dec 95.7596.34 95.47 96.30 55 2.405 776 -.625 7.80 70 Figure 22.1 Futures listings 2016 Dow Jones Source: The Wall Street Journal, July 6, 2016. Reprinted by permission of The Wall Street Journal, & Company, Inc. All Rights Reserved Worldwide

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