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Answer the following question: Suppose that on day 1, a Japanese Yen future contract is purchased at the 118 per $ (opening price). Contract is

Answer the following question:

Suppose that on day 1, a Japanese Yen future contract is purchased at the 118 per $ (opening price). Contract is for $ 1,500. Initial margin level is 16,000, and maintenance level is 10,500. Forming a table show daily marking to market adjustments for this future contract using the given opening or settle prices

(ASSUMPTION: As margin account reaches above the initial margin level, withdraw the amount above the initial margin level)

Day Opening or Settle Price

1 Open 118/$

1 Settle 122/$

2 Settle 128/$

3 Settle 119/$

4 Settle 113/$

Please form a table.

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