An investor enters into a short futures position in 10 gold contracts at a futures price of $273.90 per oz. The size of one futures contract is 100 oz. The initial margin per contract is $1,506, and the maintenance margin is $1,096 per contract. Suppose the futures settlement price on the first day is $275.54 per ounce. What is the new balance in the margin account after the first day?

Group of answer choices

$13,420

$16,700

$9,320

$14,896