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0. The S&P 500 index is currently at 1500 . Judy decides to enter into 20S&P500 futures contracts. Each contract permits delivery of 250 units

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0. The S\&P 500 index is currently at 1500 . Judy decides to enter into 20S&P500 futures contracts. Each contract permits delivery of 250 units of the index exactly 3 months from now. The initial margin is 10% of the notional value, and the maintenance margin is 75% of the initial margin. Judy earns a continuously compounded return of 5% on her margin balance. The position is marked-tomarket on a daily basis. One day later, the S\&P 500 index drops to 1450 , which may require a margin call. Calculate the amount of this margin call (if any)

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