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Suppose that on June 5, a Japanese Yen future contract is purchased at the 119 per dollar (opening price). Contract is for $ 1,000. Initial
Suppose that on June 5, a Japanese Yen future contract is purchased at the 119 per dollar (opening price). Contract is for $ 1,000. Initial margin level is 17,000, and maintenance level is 15,000. What is the value of the actual margin at the end of the date June 7, if the future price is 116 per dollar on June 6, and 115 per dollar on June 7? (ASSUMPTION: As margin account reaches above the initial margin level, donot withdraw the amount above the initial margin level)
a)12000
b)15000
c)16000
d)13000
e)14000
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