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A company enters into a long futures contract to sell 12,000 units of a commodity for $1.20 per unit. Price movements are $0.01. The initial

A company enters into a long futures contract to sell 12,000 units of a commodity for $1.20 per unit. Price movements are $0.01. The initial margin is $4,000 and the maintenance margin is $3,000. At what futures price per unit will there first be a margin call?

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