Calculate the historical volatility of the NASDAQ index over the last year by computing the standard deviation of historical returns and multiplying by sqrt(252). (The number of trading days in a year is typically taken to be 252.) Use your volatility estimate to simulate the risk each month in a 12 month futures position. What is the cumulative maximum loss of a long or a short position in each of the months, assuming the position is held until maturity?'

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