An investor holds a short position in 4 September gold futures contracts. Each gold futures contract calls for delivery of 100 ounces of gold. When the contract was entered into on day 0, the futures price was $350 per ounce. The initial margin of $1,750 per contract was posted and the maintenance margin is $1,312.50 per contract.

The following table gives information on the price of gold for September delivery over the first four trading days:

Day	Closing Price
1	$345.50
2	$348.75
3	$355.50

What will the amount of money the investor must deposit on the first day a margin call occurs?

A

$500

B

$1,800

C

$2,200

D

$2,500