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.
   1. (4)*(100,000)*(100.75%)*(0.10) = $40,300
   2. 40,096*.80 = 32,240

Day	Futures Price	Daily Gain/Loss	Cumulative Gain/Loss	Margin Account Balance	Maintenance Margin = $__32,240_______ (indicate any deposits or withdrawals here)
Initial	100-24	N/A	N/A	$40,300	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?