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An investor takes a long position in two gold futures contracts. Each gold futures contract is for delivery of 100 ounces of gold. The initial
An investor takes a long position in two gold futures contracts. Each gold futures contract is for delivery of 100 ounces of gold. The initial futures price is $500 per ounce. The initial margin is $7,000 per contract. The investor closes the contracts when the gold futures price is $1,226.90. If there was one margin call for $4,000, what is the balance in the margin account at the time of closing the futures contracts?
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