B. Bill Jarvis, a fund manager, wishes to rebalance his portfolio of stocks by selling his current holding of 3,000 Intel stocks in 5 days-time. Today, February 12, the March Intel stock futures contracts trade at $21 per share. On this day (February 12) Bill Jarvis takes a hedging position in March Intel futures contracts. The initial margin is $450 per contract and the maintenance margin is $300 per contract. The size of a futures contract is 100 Intel stocks. Assume that Bill Jarvis withdraws any daily excess obtained in the futures trade. Assume the following evolution of Intel stock futures prices for the next 5 days: Date Daily Gains/Losses Margin Balance Margin Call/Cash Withdrawals Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17 Settlement Price $21 $20.5 $22 $22.6 $22.9 $20.6 a) Fill the table above and calculate Bill Jarvis's cumulative gain/loss at the end of February, 17th, 5 marks b) Assume that, on February 17, Intel stocks are trading at a market price of $18. Based on this information, calculate: I. The basis value of Intel stocks on February, 17th 0.5 marks II. The effective value received by Bill Jarvis from the sale of the fund's holding on Intel stocks 0.5 marks