2. A cashew merchant wants to sell ten cashew futures contracts on April 10 (Monday), at 6800 each. The futures price is for each carton and the contract size is 50 cartons. The initial margin for the merchant is 5% of the contract value and the maintenance margin is one lakh rupees. The futures prices from April 10 to April 18 are given below. Using these, prepare a daily statement for this merchants margin account, between April 10 and April 18, showing the daily gain/loss and the margin account balance. In case the merchant decides to close this position on April 18, how much will he receive?

10-Apr 6,800 11-Apr 6,820 12-Apr 6,790 13-Apr 6,870 14-Apr 6,950 17-Apr 6,860 18-Apr 6,880