Consider the Mark-to-Market Settlements for 1 gold futures contracts maturing in 5 months. Assume that the risk-free rate available to investors is 6% per annum with quarterly compounding and that no arbitrage relationship between spot and futures prices (Futures-Spot parity) with continuous compounding holds in all months. Also assume that the initial margin is $18,000 per contract, while the maintenance margin is $6000 per contract

	Month	Spot Price End of Month(S)	Futures Price, End of Month (F)	Change in Futures Price	Contract Size (ounces)	Buyer/Long Position	Seller/Short Position
Contract Initiated	0	1307.00	1339.84	--	100	(c)	(c)	Initial Margin
	1	1309.00	1335.25	(b)	100	(c)	(c)	Monthly Adjustments
	2	(a)	1336.76	(b)	100	(c)	(c)
	3	1332.00	1345.29	(b)	100	(c)	(c)
	4	1325.00	(a)	(b)	100	(c)	(c)
Delivery	5	(a)	1321.00	(b)	100	(c)	(c)
						(c)	(c)	Account Bal. Month 5

For the questions below answers must contain at least three digits after the decimal point.

a. In the table above, show your answers in the cells marked by b