answer to both 27 & 28 somce its part of both questions.

Use the following information for the next two questions. On 9/28 at the end of the day, Michael sold (took a short position in) 1 futures contract (one contract is agreement to buy or sell Euros 45,500 ) at a rate of USD 1.17 per Euro, contract expires on 12/18. Initial margin= $1,550 and maintenance margin is $1,005. On 9/29 and 9/30, the futures rate expiring on 12/18 is USD 1.185, and USD 1.175 respectively. Question 27 (3.33 points) As per "Marked to Market" daily mechanism of currency futures contracts, what was Michael's margin account balance at the end of 9/29 (Assuming that Michael would not withdraw money from his margin account)? On 9/29, Michael's margin balance was $867.50 due to the loss of $682.50 realized from the change in the futures rate. On 9/29, Michael's margin balance was $2,232.50 due to the gain of $682.50 realized from the change in the futures rate. On 9/29, Michael received a margin call from the broker to deposit $682.50 to bring up his margin balance on 9/29 back to $1,550. On 9/29, Michael received a margin call from the broker to deposit $137.50 to bring up his margin balance on 9/29 back to $1,005. Question 28 (3.33 points) What was Michael's margin account balance at the end of 9/30 (Assuming that Michael would not withdraw money from his margin account)? On 9/30, Michael's margin balance was $1,322.5 due to the loss of $227.5 realized from the change in the futures rate. On 9/30, Michael's margin balance was $1,322.5 due to the gain of $455.0 realized from the change in the futures rate. On 9/30, Michael's margin balance was $2,005.0 due to the gain of $455.0 realized from the change in the futures rate. On 9/30, Michael received another margin call to deposit $455.0 to bring up his margin balance on 9/30 back to $1,550