Problem 29-01 The futures price of gold is $1,000. Futures contracts are for 100 ounces of gold, and the margin requirement is $5,000 a contract. The maintenance market requirement is $1,000. You expect the price of gold to rise and enter into a contract to buy gold. a. How much must you initially remit? Round your answer to the nearest dollar. $ b. If the futures price of gold rises to $1,060, what is the profit and return on your position? Round your answer for profit to the nearest dollar and for return to the nearest whole number Profit: $ % Return: C. If the futures price of gold declines to $966, what is the loss on the position? Round your answer to the nearest dollar. Enter the answer as a positive value. $ d. If the futures price declines to $946, what must you do? Round your answer to the nearest dollar. Enter the answer as a positive value. The investor will have to -Select- $ to restore the initial $5,000 margin. e. If the futures price continues to decline to $928, how much do you have in your account? Round your answer to the nearest dollar. $ The investor will have to: remit/ withdraw Problem 29-01 The futures price of gold is $1,000. Futures contracts are for 100 ounces of gold, and the margin requirement is $5,000 a contract. The maintenance market requirement is $1,000. You expect the price of gold to rise and enter into a contract to buy gold. a. How much must you initially remit? Round your answer to the nearest dollar. $ b. If the futures price of gold rises to $1,060, what is the profit and return on your position? Round your answer for profit to the nearest dollar and for return to the nearest whole number Profit: $ % Return: C. If the futures price of gold declines to $966, what is the loss on the position? Round your answer to the nearest dollar. Enter the answer as a positive value. $ d. If the futures price declines to $946, what must you do? Round your answer to the nearest dollar. Enter the answer as a positive value. The investor will have to -Select- $ to restore the initial $5,000 margin. e. If the futures price continues to decline to $928, how much do you have in your account? Round your answer to the nearest dollar. $ The investor will have to: remit/ withdraw