1. A trader buys a July futures contracts on frozen orange juice. Each contract is for the delivery of 15,000 pounds. The current futures price is 160 cents per pound, the initial margin is $6,000 per contract, and the maintenance margin is $4,500 per contract.

1. If the tick size is $0.01/pound, what is the dollar value of each tick?
2. At what contract price (in cents per pound) will a margin call be issued.