Problem:
Assume that a T bill futures contract with a face value of $1 million is purchased at a price of $95 per $100 face value. At settle¬ment, the price of T bills is $95.50.
Required:
Question: What is the difference between the selling and purchase price of the futures contract?
A) $.50
B) $50
C) $500
D) $5,000
Note: Please show guided help with steps and answer.