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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 a customer takes a long position on ten June gold futures contracts at a futures price of $ per ounce. One futures contract calls for the delivery of troy ounces lb troy ounces
Let the initial and maintenance margin levels be $ and $ per contract, respectively.
Suppose the settlement price at the end of the first day is $ per oz; on the second day, it is $; and on the third day, the settlement price is $
When will the customer get a margin call? What amount will the call be for?
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