PART 2 - Derivatives (3 points) 6. Explain how future and forward markets differ. 7. A speculator signed a forward contract with a bank, where it was agreed that the speculator would buy 500 ounces of Gold at $1,800.00 an ounce 3-months from now. Three months later, when the contract expires, the ounce of gold was priced at $1,650.00. How much did the spoculated gain Close)? (5 points) 8. Rio Red Co, the leading global mining group, wants to lock in a price to sell its future production. For that, the firm sells 300 Copper Future contracts with expiration 18-months from now at $4.50 a pound. Each contract represents 25,000 pounds of Cooper Suppose that the spot price of the cooper is $5.15 a pound when the future contract expires, what is the firm's profit/loss with the future market? (5 points)