6.A gold futures contract as traded on the NYMEX calls for delivery of 100 ounces of gold.On September 15, you sell 5 DEC gold futures contracts at a futures price of $1360 per ounce.The margin requirements per contract are: initial margin $2000, maintenance margin $1200.Assume your position is marked to market today at a gold price of $1360

a)What is the minimum amount you have to deposit to open the position?

b)Suppose tomorrow's settlement price for the DEC contract is $1358.What would your variation margin cash flow tomorrow be?

c)Suppose tomorrow's settlement is different from $1358.At what futures price would you get a margin call?

d)Suppose that tomorrow the futures price jumps from 1360 to 1372.Will you get a margin call?If so, how much will it be for?

e)Suppose you carry this position all the way to expiration, at which point the futures expire at a final settlement price of $1325.Do you have to make a delivery of gold, or do you accept delivery from someone else?How much cash will change hands on the day when the gold is delivered?