suppose the s&p index futures contract closes at 2000, down 40 points on the day. The value of the contract is set at 250 x the index

a) How much value did each contract lose the day? Show your work.

b) Assume you bought the contract during the day at 2010, and had to put up initial margin of $25,000. If the maintenance margin is $12,500, at what contract price will you get a call? Explain.