QUESTIONS 91 THROUGH 96 RELATE TO DERIVATIVE INVESTMENTS.

92. An investor purchases 10 futures contracts priced at $100 each. The initial margin is $20 per

contract and the maintenance margin requirement is $10 per contract. The investor will most

likely be required to post variation margin if the end-of-day prices over the next three days are:

Day 1 Day 2 Day 3

A. $103 $109 $104

B. $106 $98 $89

C. $95 $91 $103