) Is the following statement true, false or uncertain? Explain your response.

You sold two Dec gold futures contracts, of size 100 ounces per contract, at a price of $400 per ounce. The margin requirement is 10% of the initial positions value. There is no maintenance margin, but once the margin account balance falls below 8%, it has to be topped back up to at least 10% of the initial value of position.

Demonstrate marking-to-market on this position for the next 4 days, assuming settlement prices are $420, $430, $380 & $410. Show all daily settlements, including margin calls on the investors margin account. If you close out your position at the end of Day 4, describe the balance in your margin account.