i need question 20 to properly answer 21 please
Question 20 (3.03 points) Saved On 6/8 at the end of the day, Michael sold (took a short position in) 1 futures contract (one contract is agreement to buy or sell 100,000 Canadian dollars) at a rate of $0.7363 per Canadian dollar, contract expires on 9/18. Initial margin-$1,650 and maintenance margin is $1,350. On 6/9 and 6/10, the futures rate expiring on 9/18 is $0.7399 per Canadian dollar, and $0.7373 per Canadian dollar respectively. As per "Marked to Market" daily mechanism of currency futures contracts, what should be Michael's margin account balance at the end of 6/9 (Assuming that Michael will not withdraw money from his margin account)? On 6/9. Michael's margin balance would be $1.710 due to the gain of $360 realized from the change in the futures rate. On 6/9, Michael would receive a margin call from the broker to deposit $60 to bring up his margin balance on 6/9 back to $1.350. On 6/9. Michael would receive a margin call from the broker to deposit $360 to bring up his margin balance on 6/9 back to $1.650. On 6/9. Michael's margin balance would be $1.290 due to the loss of $360 realized from the change in the futures rate. Question 21 (3.03 points) Question 21 (3.03 points) Continued from the above Question, what would be Michael's margin account balance at the end of 6/10 (Assuming that Michael will not withdraw money from his margin account)? On 6/10, Michael would receive another margin call to deposit $160 to bring up his margin balance on 6/10 back to $1.350. On 6/10. Michael's margin balance would be $1.910 due to the gain of $260 realized from the change in the futures rate. On 6/10. Michael's margin balance would be $1,550 due to loss of $100 realized from the change in the futures rate. On 6/10. Michael's margin balance would be $1.610 due to the gain of $260 realized from the change in the futures rate. On 6/10. Michael would receive another margin call to deposit $200 to bring up his margin balance on 6/10 back to $1650. On 6/10, Michael's margin balance would be $1.250 due to the loss of $100 realized from the change in the futures rate