On Day 0, an investor buys, on margin, 10 T-Bond futures contracts at the current price of 100. Current value is $100,000 x 10 contracts = $1,000,000. Initial Margin is $4,000 per contract and the maintenance margin is $4,000 per contract (or 4%).

Day 1: 95-00 $95,000 x 10K's = $950,000

Day 2: 91-00 $91,000 x 10K's = $ 910,000

Day 3: 97-16 $97,500 x 10K's = $975,000

At the end of Day 3, the inventor sells the T-Bond futures contracts at 97-16. What is his gain / loss on this investment?

Please explain step by step how to get the answer. Thank you