Listed below are the spot and the December futures contract prices of euros (EUR) for three consecutive days in April 2012 Each euro futures contract requires the delivery of EUR 100,000. The initial margin the maintenance margin for each EUR futures contract are $2,500 and $2,000 respectively. You sell two EUR futures contracts on 4/01/12. Assume that you do not withdraw from your margin account during this period and meet your margin calls (if any).

a. Please estimate the profit / loss posted to your account at the end of the day on: 4/02/12 and 4/03/12

b. Please estimate how much money you will have in your margin account at the end of the day on 4/02/12 and 4/03/13

\begin{tabular}{|l|c|c|c|} \hline Date & 4/01/12 & 4/02/12 & 4/03/12 \\ \hline Spot Price & $1.3328 & $1.3321 & $1.3333 \\ \hline December Futures Contract & $1.3350 & $1.3238 & $1.3563 \\ \hline \end{tabular}