1. (30 points) Assume todays settlement price on a CME EUR futures contract is $1.30/. The contract is written on 125,000 and you have a short position in one contract. The initial performance bond is $6,500, and the maintenance performance bond is $4,000.

1. On day 1, the settlement price became $1.29/, what is your performance bond account balance at end of day 1?
2. On day 3, the settlement price became $1.32/, you decide to close your position. What is your total gain or loss?