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Use the following information to answer the questions 20-24: An investor takes a long position in 10 July Oil futures contracts at a price of $85 per barrel. Each contrict is for 1,000 barrels of oil. The required initial margin is $800 per contract and the maintenance margin is $600 per contract. July Oal futures decline to $84.5 on Day-1, rise to $84.7 on Day-2 and decline to $84.3 on Day-3. 20. What is the balance in the investor's account at the end of the first day? A. $3,000 B. $13,000 C. $5,000 21. What amount is the investor required to deposit at the start of the second day? A. $3,000 B. $8,000 C. $5,000 22. What is the balance in the investor's account at the end of the second day? A. $11,000 B. $10,000 C. $5,000 23. How much can the investor withdraw at the end of the second day? A. $10,000 B. $2,000 C. $4,000 Saint Kuttu, Ph.D. 2 24. Suppose that the investor withdraws half of what he is entitled to withdraw from his account on the second day, how much is the balance in his account at the end of the third day? A. $5,000 B. $7,000 C. $14,000