Q.3 You took a long futures position in 10 contracts, covering each 100 ounces of gold at a price of $269.5 per ounce. The initial and the maintenance margin requirement are respectively $1500 and is $1100 per contract. No withdrawal in any excess margin will be made. Ignore any interest on the balance. (a) What is the maintenance margin amount on your position? (b) The settlement prices per ounce of gold at the end of days 1, 2, 3, 4 and 5 are respectively $278, $281, $265, $266.5 and $270.5. Complete the table below assuming the contract is purchased at the settlement price of that day. [5] [20] Day Beginning 0 1 2 3 4 Balance Funds Deposited Futures Price Price Change Gain/Loss 5 (c) Indicate whether you've made a gain or a loss and calculate the 5-day return/loss, on your position. (d) Calculate the discrete annualized return/loss. Ending Balance 55 [5] [5]