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An investor has a $1 million long position in T-bond futures. The investors broker requires a maintenance margin of 3%. The next day the value

An investor has a $1 million long position in T-bond futures. The investors broker requires a maintenance margin of 3%. The next day the value of the futures contracts drops by $20,000.

What will be the amount of the margin call?

DON'T USE COMMA SEPARATORS

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