Question #1: Commodity Futures Frank is convinced that Florida will experience an unusually cold winter next year. He thus anticipates that the price of frozen orange juice concentrate will increase. The table below shows the current futures price for a futures contract for frozen orange juice concentrate with a delivery date of March 2021. The quoted price is in cents per pound and each contract is for 15,000 pounds of orange solids (frozen concentrate). Assume that the initial margin requirement is 10% and the margin maintenance is 6%. Delivery Month Last March 2021 148.30 (a) Will Frank want to initiate a long position or a short position on frozen orange juice futures? No explanation is required. (b) Suppose Frank trades 9 option contracts. What is the amount that he must deposit into his margin account to open the futures position? (C) Suppose that the price of the futures contract falls to 136.5. Will Frank receive a margin call? What (if anything) must Frank do? Explain your