Colleen OFarrell, CFA, sells 4,000 equity index futures contracts at a price of EUR 224 per contract. She is required to provide an initial margin of EUR 20 per contract and meet margin calls when her margin balance falls below the maintenance margin level of EUR 12 per contract. In the event of a margin call, the exchange requires additional margin to be contributed up to the maintenance margin level. The price of the contract over the first, second, and third days is as follows:

Day ------- Beginning Price ------- Closing Price

1 224 234

2 234 248

3 248 230

Based on this information, the balance in OFarrells margin account at the end of Day 3 is closest to:

1. EUR 56,000

2. EUR 104,000

3. EUR 120,000