A TRADER TAKES A LONG POSITION IN 40 FUTURES CONTRACTS ON DAY 1. T...

48. - MOCK AND SAMPLE EXAMS CFA 2012 L1 SAMPLE EXAM V1 QUESTION
MOCK AND SAMPLE EXAMS CFA 2012 L1 SAMPLE EXAM V1 QUESTION
48. A trader takes a long position in 40 futures contracts on Day 1. The futures have a price limit of $5 and settle at $106. On Day 2, the futures trade at $111 and the bid and offer move to $113 and $115, respectively. The futures remain at these price levels until the market closes. What marked-to-market value does the trader receive in his account for Day 2? A．$220. B．$280. C．$320.