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Suppose that on March 1 , an investor takes a long position in 1 0 May wheat futures contracts at a futures price of $

Suppose that on March 1, an investor takes a long position in 10 May wheat futures contracts at a futures price of $ 3.60 per bushel. One futures contract calls for the delivery of 5,000 bushels. Suppose that the initial margin is $878 per contract, and the maintenance margin is $650 per contract. Suppose that the settlement price at the end of the first day is $3.58 per bushel, at the end of the second day is $3.56 per bushel, and at the end of the third day is $3.53 per bushel. What is the percent return on the margin account at the end of the third day?
Group of answer choices
Gain of 17.5%
Loss of 17.5%
Gain of 28.5%
Loss of 28.5%

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