1. A trader bought to open one silver contract on 5,000 troy ounces at $17.28 an ounce. The initial margin on the contract is $5,900 and the maintenance margin is $5,500. If silver rises to $17.34 the next day and the trader sells to close out his contract, what is his rate of return on the money deposited for this contract (return on margin)?
   1. .35%
   2. 2.50%
   3. 5.08%
   4. 10.91%
   5. 11.42%
2. Which of the following futures contracts is the least likely to be impacted by a convenience yield?
   1. Wheat Futures
   2. Soybean Futures
   3. EuroDollar Futures
   4. Oil Futures
   5. Natural Gas Futures

3. Grain operators have been actively buying wheat futures driving the Futures prices of Wheat above the expected future Spot Price. This means the wheat future market is in...
   1. Normal contango
   2. Backwardation
   3. Normal backwardation
   4. Inversion.

Please provide an explanation to the answers