Newcrest Mining, a gold mining company, uses the futures market to hedge against the fluctuation of gold price. With the forecasted production of 30,000 ounces of gold, Newcrest would like to hedge 100% of its exposure. It is now November 15th and the company opens an October gold futures position on 50% of the exposure and posts an initial of $11,000 per contract. The position is entered into at a futures price of $1,750 per ounce. The maintenance margin is $8,250 per contract. At the end of the day on November 15th the October contract settles at $1,790 per ounce. On November 16th, Newcrest enters into additional October gold futures contracts to hedge the remaining 50% of its exposure, at the futures price of $1,820 per ounce. The October gold futures settles at $1,800 on November 16th. Assume each gold futures contract is on 100 ounces of gold. a) What is the balance of Newcrest Minings margin account at the end of the day on November 16th? Please, show all your workings. b) Under what circumstances would Newcrest Mining be able to withdraw $300,000 from the margin account on November 17th? Please, show all your workings.