Suppose today is September 21st and youre a jewelry manufacturer that will need 15,000 ounces of gold in December for the Winter production run. Given that youre concerned gold prices might go up between now and December, you would like to lock in your costs today if possible. Currently the December Gold Futures contract (1 Contract = 100 ounces) is trading at $1,600 per ounce and the clearing house requires an initial margin of $12,000 per contract and a maintenance margin of $7,000 per contract. Suppose on the day after entering into the hedge that the December Gold Futures price rises to $1,640 per ounce. What is the value of the margin account following the marked-to-market gain or loss?

Group of answer choices

$24,600,000

$1,200,000

$2,400,000

$24,000,000