Shyam goes long four 3-month future contracts on oil at Rs 98.1 per litre. Each contract is of size 1000 litre. The initial and maintenance margins required for the entire position are Rs 10000 and Rs 6000 respectively.

i) At the end of day 1, the futures were trading at Rs 97.5 per litre. What would be

the balance of the margin account at the end of the day? ii) At the end of day 2 Shyam gets a margin call. What would have been the price of the futures contract when Shyam got the margin call?