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11. Suppose that four days ago, you used a margin account and purchased one April 2022 Copper Futures contract at the futures price of $3.60.

11. Suppose that four days ago, you used a margin account and purchased one April 2022 Copper Futures contract at the futures price of $3.60. The settlement prices for this contract over the past 4 days are listed in the table below.

Day

Settlement Price

1

3.48

2

3.56

3

3.73

4

3.75

The initial margin requirement of your brokerage account is 10%. What is the balance in your account after the daily settlement concluded on day two?

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