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A trader enters into a long position on 2 crude oil futures on the opening of June 8. The initial margin is 4500 dollars per

A trader enters into a long position on 2 crude oil futures on the opening of June 8. The initial margin is 4500 dollars per contract. The margin account earns continuous compound interest of 3 %. The maintenance margin is 60%. The futures price of oil is 59.40 dollars per barrel at the starting of June 8. Crude oil futures are 1000 barrels per contract. The futures prices are shown below.

June 8 56.20

June 9 54.20

June 10 59.60

Calculate the margin account balance at the end of June 8th, June 9th and June 10th. Whenever there is a margin call, clearly indicate the margin top up amount.

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