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A milk futures contract is quoted 12.6 cents per lb. The contract is for 200,000lbs. The broker requires 1.0% margin. How much will you have

A milk futures contract is quoted 12.6 cents per lb. The contract is for 200,000lbs. The broker requires 1.0% margin. How much will you have to deposit to satisfy the margin requirement?

Answer in dollar, not in cents

Please show formulas and steps

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