Question 4 (14 marks) Suppose you buy a stock index futures contract at the opening price of 450 on June 1. The multiplier on the contract is 500, so the price is $500(450) = $225,000. You hold the position until selling it on June 14 at the opening price of 462.72. The initial margin requirement is $10,000, and the maintenance margin requirement is $5,000. Assume that you deposit the initial margin and do not withdraw the excess on any given day. The daily prices on the intervening days are presented in the below table. Required: i) Fill in the below table showing the charges and credits to the margin account. ii) What is the overall loss/gain on the trade if you close out the position on June 14? 7 A B I 5 % 53 ! i) Please enter the answers into the table below: Answer Part ii) and enter any notes or workings at the bottom of the table. 452 454.05 Date Settlement price Settlement price $Mark to market Other entries Account balance 1/06 2/06 3/06 6/06 7/06 8/06 440.12 9/06 430.3 10/06 434.55 13/06 445.14 14/06 462.72 438.5 445.15 438.15 ii) What is the overall loss/gain on the trade if you close out the position on June 14