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Suppose that on April 2 6 , a customer takes a long position on ten June 2 3 gold futures contracts at a futures price

Suppose that on April 26, a customer takes a long position on ten June 23 gold futures contracts at a futures price of $2,020 per ounce. One futures contract calls for the delivery of 100 troy ounces (1 lb =12 troy ounces).
Let the initial and maintenance margin levels be $8,300 and $6,150 per contract, respectively.
Suppose the settlement price at the end of the first day is $2,015 per oz; on the second day, it is $2,013; and on the third day, the settlement price is $2,010.
When will the customer get a margin call? What amount will the call be for?

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