2. An investor enters into a short futures position in 100 contracts in gold at a futures price of $276.50 per oz. The size of one futures contract is 100oz. The initial margin per contract is $1,500, and the maintenance margin is $1,100. (a) What is the initial size of the margin account? (b) Suppose the futures settlement price on the first day is $278.00 per oz. What is the new balance in the margin account? Does a margin call occur? If so, assume that the account is topped back to its original level. (c) The futures settlement price on the second day is $281.00 per oz. What is the new balance in the margin account? Does a margin call occur? If so, assume that the account is topped back to its original level. (d) On the third day, the investor closes out the short position at a futures price of $276.00 per oz. What is the final balance in his margin account? (e) Ignoring interest costs, what are his total gains or losses (in dollars)