The price of an S&P 500 Index futures contract is $988.26 when you decide to enter a long position. When the position is closed the futures price is $930.32. If there are no settlement requirements, what is your dollar gain or loss? (Ignore opportunity costs.)
(a) $14,485 loss
(b) $14,485 gain
(c) $57.94 loss
(d) $57.94 gain
Answer: a
Fin 402
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