(4). A company enters into a short futures contract to sell 1,000 barrels of oil for $20 per barrel. The initial margin is $6,000 and the maintenance margin is $4,000. What oil futures price will allow $1,500 to be withdrawn from the margin account?

1. $18.5
2. $19
3. $19.5
4. $21.5
5. $20.5 Answer: ___ _

(5). You short three December gold futures contracts when the futures price is $410 per ounce. Each contract is on 100 ounces of gold and the initial margin per contract is $2,000. The maintenance margin per contract is $1,500. During the next seven days the futures price rises slowly to $413.5 per ounce. What is the balance of your margin account at the end of the seven days?

1. $7,050
2. $4,950
3. $5,250