Suppose that on October 24 you buy 10 March gold futures con…

Suppose that on October 24 you buy 10 March gold futures contracts for $250 per ounce.At 11:00 am on October 25 you buy 8 more contracts for $259.0 ounce. At the close oftrading on October 25, gold futures settle for $260.5 ounce. If the contract size is 100ounces and the initial margin equals 2500, how much do you gain or lose as of the close?

Which of the following is true about futures contracts? …

Which of the following is true about futures contracts?  I. they trade in the over the counter market II.. they are settled daily III. they are subject to default risk IV. a margin deposit is required for both long and short positions V. the contract specifies a range of delivery dates (rather than a single date) Choices: