48. The following information relates to a futures contract (in U.S. dollars): Initial futures price on Day 0 100
Initial margin requirement 6
Maintenance margin requirement 3
Settlement price on Day 1 104
Settlement price on Day 2 99
Settlement price on Day 3 98
If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending
margin account balance on Day 3 for an investor with a short position of 10 contracts is
closest to:
A. $120.
B. $80.
C. $90.
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