Dec 2013 Q2 Awan

Hi John, In this question, when calculating the 'gain/loss on futures market', 'gain on options' and 'option premium',it used the contract size x contract no. x basis point, but also multiplied with '3/12'. I just want to confirm if this '3/12' is fixed for your cases as the 3-month future or option contracts, or it is related to the period from starting time to the receving or paying time point? Many thanks in advance!