Assume that an investor buys one June NYSE composite index futures contract on May 1 at a price of 72. The position is closed out after four days. The prices on the three days after purchase were 72.5, 72.1, and 72.2. The initial margin is $3500.

16. Calculate the current equity (ending balance at the end of day three)

a. $3500

b. $3450

c. $3600

d. $3750

17. Calculate the total gain or loss on this position

a. $100 gain

b. $150 gain

c. $100 loss

d. $150 loss

e. $250 gain

f. $250 loss