6. An S&P 500 index futures contract pays $250 times the value of the index. In this problem, suppose there is an S&P 500 index futures contract that expires in March.

a) Suppose the closing price of the March futures contract is 963.30. What is the dollar value of this futures contract?

b) If the margin requirement is 10% of the futures price times the multiplier of $250, how much must an investor deposit with his/her broker in order to go long on the March contract?