... price of 115. Panel (a) shows the profits and losses for the buyer of the call option and the buyer of the futures contract, and panel (b)shows the profits and losses for the buyer of the put ... rates and the resulting fall in bondprices and bond futures contracts would lead to profits on the bank’s sale of the futures contracts that would exactly offset the losses on the 8s of 20 23 the ... and buyer of futures AABBCCDD110 120 125 0 2, 0004,0006,0008,000 12, 000Profit ($) 12, 00010,000 2, 000–4,000–6,000–8,000– 12, 000 – 12, 000–10,000Seller of FuturesBuyer of...