4.(5pt) What is the difference between a forward contract and a futures contract? 5.(10pt) Make futures margin table similar to the class handout using oil futures prices spreadsheet Oil_CLZ20.xls on courseworks. Suppose that initial margin is 6,820 USD and a maintenance margin 6,200 USD per contract. You buy 2 contracts at the close on January 5, 2020 and sell at the close on September 14, 2020. Oil futures point value is 1000$. When are the margin calls? 6. (10pt) This problem should be done in Excel and not in other programs. Go to http://finance.yahoo.com, chose Chart and type MSFT in the box. Click Historical Quotes below the chart. Input dates: Start January 25, 2014, End September 14, 2020. Click download spreadsheet format in the bottom of the page. Data is in the Excel format Date, Open, High, Low, Close, Volume, Adjusted Close. Make and submit the printouts of 2 plots: cumulative distribution functions of returns and approximate probability density function of returns using 0.2% horizontal intervals. Calculate mean, variance, standard deviation, mean absolute deviation, kurtosis and skewness of daily returns in Excel. You should use Excel and not other programs. If you need help with excel graphing talk to TAs. Use only adjusted close prices