Question $2(18$ points$)$

a$.$ You speculate that TL appreciates to USD$\mathrm{.}33/$TL and you want to trade June expiration futures contract with settlement price of USD$\mathrm{.}30/$TL$.$ However, in May the June contract is sold for USD$\mathrm{.}28/$TL and you decide to close your position to limit your loss. If the notional amount is TL$350,000,$ calculate your loss. $($We are in March$).(10$ points$)$

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b$.$ You speculate that TL depreciates to USD$\mathrm{.}30/$TL and you want to trade June expiration futures contract with settlement price of USD$\mathrm{.}33/$TL$.$ Your speculation does come true at the settlement. If the notional amount is TL$350,000,$ calculate your profit$/$loss$.(8$ points$)$

Question $2(18$ points$)$

a$.$ You speculate that TL appreciates to USD$\mathrm{.}33/$TL and you want to trade June expiration futures contract

with settlement price of USD$\mathrm{.}30/$TL$.$ However, in May the June contract is sold for USD$\mathrm{.}28/$TL and you decide

to close your position to limit your loss. If the notional amount is TL$350,000,$ calculate your loss. $($We are in

March$).(10$ points$)$

b$.$ You speculate that TL depreciates to USD$\mathrm{.}30/$TL and you want to trade June expiration futures contract

with settlement price of USD$\mathrm{.}33/$TL$.$ Your speculation does come true at the settlement. If the notional

amount is TL$350,000,$ calculate your profit$/$loss$.(8$ points$)$