James Harden has received the following tip from his financial advisor: James, the price of copper is, very likely, about to jump up in the coming 4 weeks: Id strongly recommend you to get in on it. Trusting his advisors forecast, Harden is willing to take a 1 million dollar position using November copper futures, whose contract size is 1000 pounds. On September 7^th, 2021, when Harden opens his position, the current spot price and November futures price for copper are $280 and $285 per pound, respectively and he needs to post an initial margin of $12,500 per contract. He is also informed that the maintenance margin per contract is $10,000. At the end of the first day of trading, the November futures contract settles at $287 per pound. The balance of Hardens margin account at the close on September 7^th, 2021 is, therefore:

Group of answer choices

$840,000

$440,000

$998,000

None of the other answers

$1,160,000