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If the margin requirements for corn are as follows: Initial Margin - $1,110 per contract Maintenance Margin - $1,000 per contract And, assume each futures

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If the margin requirements for corn are as follows: Initial Margin - $1,110 per contract Maintenance Margin - $1,000 per contract And, assume each futures contract consists of 5,000 bushels of corn On Thursday March 15th, Andy, as a speculator, SOLD 2 December corn futures contracts at the settlement price of 450 cents/bu. He subsequently offsets his position on Wednesday February 20th at the settlement price. The settlement prices on each day (Thursday through Wednesday) were as follows: Thursday 450 cents/bu Friday 455 cents/bu Monday 458 cents/bu Tuesday 455 cents/bu Wednesday 445 cents/bu Andy deposited the minimum amount of money whenever necessary to trade futures contracts and he never withdrew any money from his margin account: What was the initial Margin that Andy had to deposit in his margin trading brokerage account? O $1,110 O $1,000 $2,000 O $2,220

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