1. Suppose it is mid-March and you wish to short four (4) June Treasury Bond futures contracts ($100,000 notional value per contract).

1. Given a 10% initial margin and an 80% maintenance margin, complete the following mark-to-market table. Assume that you remove any excess funds that are eligible for removal. Make sure to indicate what your initial and maintenance margins are for this trade.

Day	Futures Price	Daily Gain/Loss	Cumulative Gain/Loss	Margin Account Balance	Maintenance Margin = $______________ (indicate any deposits or withdrawals here)
Initial	100-24	N/A	N/A		N/A
Mar 16	101-28
Mar 17	98-10
Mar 18	97-24
Mar 19	102-00
Mar 20	103-16

2. If you wanted to take your profit or loss at the end of March 20^th, what specific steps would you take to exit the market?