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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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