QUESTION 39 Problem 3a (5 pts.) An investor buys 2 Silver contracts (long position) on the Chicago Board of Trade (CBOT) on May 7 for delivery in July that same year. The following information relates to the silver contract and silver prices on the date of purchase. Current futures contract price: $15.00 per oz. Size of contract: 5000 oz. Initial margin requirement: 5% of initial contract value Maintenance margin level: 3.5% of initial contract value 3A. How much must the investor put down as initial margin (in dollars $) to take the position in the 2 silver contracts? Show all work. Highlight in bold your answer. (5 pts.)