4. Today you buy 1 contract of March copper futures (each contract is for 25,000 pounds) at $2.70/lb. Tomorrow the price of March copper futures rises to $2.80/lb. (5 points) a. Do you send money to the clearing house or receive "variation margin"? money from the clearing house as b. How much money? In March at the time of delivery the price of March copper futures has become $2.75/lb. and you take delivery of the copper at that price c How much do you pay in total on delivery? d. What is the net amount of money you have paid or received in variation margin? e. What is the effective price in dollars-per-pound you have paid for the copper