An investor enters a short position in the S&P 500 E-mini futures contract that will expire in three months. The S&P 500 index is currently trading at St = $3,688.02. In terms of specifications, the contract corresponds to 50 times the S&P 500 index. Additionally, the initial and maintenance margins are, respectively, $12,100 and $11,000. Finally, the futures is currently trading at Ft(T) = $3, 683.50. Given this information, address the following two questions.

Which of the following scenarios would lead to a margin call?

(a) The next day futures price drops to $3,663.50

(b) The next day futures price drops to $3,673.50

(c) The next day futures price increases to $3,693.50

(d) The next day futures price increases to $3,709.50