3. (5 pts) Consider a 125,000 euro futures contract in which the current future price is $1.08 per euro. The initial margin requirement is $2,530 per contract, and the maintainance margin requirement is $2,300 per contract. You go long 10 contracts and meet all margin calls but do not withdraw any excess margin. Assume that on the first day, the contract is established at the settlement price, so there is no mark-to-market gain or loss on that day.

a. Complete the table below.

Day	Required Deposit	Beg. Balance	Settle Price	Daily Change	Gain/ Loss	Ending Balance
0 (Purchase)			$1.177	-	-
1			$1.175
2			$1.172
3			$1.181

b. How much are your total gains or losses by the end of day 4?