9.

M A trader opens a position in soybean futures contracts at a futures price of USD 9.50 per bushel. Each contract is for the delivery of 5,000 bushels of soybean. A week later, the trader offsets the futures position at a price of USD 9.75 per bushel Consider the following statements on the trader's position in the futures contract. Statement l. If the trader makes a loss of USD 6,250, the initial position was a sale of 5 contracts Statement II. If the trader makes a gain of USD 7.500, the initial position was a purchase of 6 contracts. Which of the following is correct? a. Statement I is correct, Statement Il is correct. b. Statement I is correct, Statement Il is incorrect. c. Statement is incorrect, Statement ll is incorrect. d. Statement is incorrect, Statement ll is correct