Please go step by step on your answer. Explain how you got to it and what formula you used.

16. You entered into a long CME futures contract on 125,000 at the day's opening price of $1.15 per . Your initial performance bond was $6,000. Your maintenance performance bond is $4,500 (meaning that your broker leaves you alone until you have lost $1,500). Your answers must have currency symbols (e.g. /S, $/, $, or ) At what settle price do you get a margin call? Write your answer only in this box Show your work only in this box Do the daily resettlement if the first 2 days of trading have the following pattern: Settle price Balance on Margin Account $1.14 per . Write your answer only in this box Show your work only in this box $1.17 per . Write your answer only in this box Show your work only in this box What are your total gains/losses by close of business on the second day? Clearly indicate if your numerical answer represents a gain or a loss. 16. You entered into a long CME futures contract on 125,000 at the day's opening price of $1.15 per . Your initial performance bond was $6,000. Your maintenance performance bond is $4,500 (meaning that your broker leaves you alone until you have lost $1,500). Your answers must have currency symbols (e.g. /S, $/, $, or ) At what settle price do you get a margin call? Write your answer only in this box Show your work only in this box Do the daily resettlement if the first 2 days of trading have the following pattern: Settle price Balance on Margin Account $1.14 per . Write your answer only in this box Show your work only in this box $1.17 per . Write your answer only in this box Show your work only in this box What are your total gains/losses by close of business on the second day? Clearly indicate if your numerical answer represents a gain or a loss