The following is the preview of a transaction on a future co…

The following is the preview of a transaction on a future contract. You establish this position at a market price of $3790.60. (25 pts)   (1) Please describe the features associated with this future contract in your own words. Explain the following variables in detail: (10 pts) What is the action for this future contract? What does it mean? What are the underlying asset and expiration date of this future contract? What is the margin requirement for this future contract? What does it mean? What is the multiplier? What does it mean?   (2) The following is the future price for the next 4 days. Compute your daily gains/losses as well as daily changes in your account balance. What is your total profit/loss? What is your daily account balance? On day 0, you establish this position at a market price of $3790.60. (Hint: your beginning account balance is NOT 0.) (15 pts)            Day Settle Price Daily Profit/Loss Daily Account Balance 0 $3790.60     1 $3792.80     2 $3788.70     3 $3790.60     4 $3789.60       Please show all work and include detailed steps for this question. Answers without sufficient steps/explanation will receive a score of 0, even if the final answer is correct.