Assume an investor takes a long position in 2 September KLSE CI futures contract on 17thJuly. The futures contract price is RM1613.00 The initial margin and maintenance margin are RM6,000/contract and RM4,000.00/contract respectively. The trader closes his position on the fifth day. The futures settlement prices during those five days are:

Day 1RM1611.00

Day 2RM1615.00

Day 3RM1620.00

Day 4RM1610.00

Day 5RM1608.00

The contract size is RM50/contract.

a. Determine the trader's total gains or losses. (12 marks)

b. How much does the trader pay (if any) for "margin call" ? (6 marks)

Show all workings. Attachment may be required.