On Monday, you sold one Eurodollar interest rate futures for $96,500. Initial performance bond is $5,000 and the maintenance performance bond is $3,500.

Day	Settled price	Daily gain/loss	Margin balance
Monday Tuesday Wednesday	96,500 97,500 98,500	$ ( ) $ ( )	$5,000 $ ( ) $ ( )

1.Figure out daily gain/loss and the margin balance for Tuesday.

2.Figure out daily gain/loss for Wednesday. Do you receive the margin call or not on Wednesday?

3. Given the current position (short position) on the interest rate futures contract, do you gain or lose when interest rates rise?