Please also show the workings (Also Highlight the correct answer)

Mathematical Question 5 (4 marks) A trader enters into a long cotton futures contract when the futures price is 75 cents per pound. The contract is for the delivery of 50,000 pounds. How much does the trader gain or lose if the cotton price at the end of the contract is (a) 78.20 cents per pound and (b) 71.30 cents per pound? How much does the trader gain or lose if the cotton price at the end of the contract is 78.20 cents per pound? Profit of 160,000 pounds Profit of 160,000 cents O Loss of 160,000 pounds Loss of 160,000 cents How much does the trader gain or lose if the cotton price at the end of the contract is 71.30 cents per pound? Loss of 185,000 pounds Profit of 185,000 pounds Loss of 185,000 cents O Profit of 185,000 cents