The futures price of British pounds is $2.00. Futures contracts are for £10,000, so a contract is worth $20,000. The margin requirement is $2,000 a contract, and the maintenance market requirement is $1,200. A speculator expects the price of the pound to fall and enters into a contract to sell pounds.

a) How much must the speculator initially remit?

b) If the futures price rises to $2.13, what must the speculator do?

c) If the futures price continues to rise to $2.14, how much does the speculator have in the account?