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A trader buys two July futures contracts on frozen orange juice. Each contract is for the delivery of 2 0 , 0 0 0 pounds.

A trader buys two July futures contracts on frozen orange juice. Each contract is for the delivery of

20, 000

pounds. The current futures price is

200

cents per pound, the initial margin is $

8, 000

per contract, and the maintenance margin is $

6, 000

per contract. What price change would lead to a margin call?

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