Suppose you buy a stock index futures contract at the opening price of 330.56 on January 1. The

multiplier on the contract is 500, so the price is $500(330.56) = $165,280. You hold the position

until selling it on January 16 at the opening price of $333.12. The initial margin requirement is

$6,611, and the maintenance margin requirement is $4,958. Assume that you deposit the initial

margin and do not withdraw the excess on any given day. Construct a table showing the charges

and credits to the margin account. The daily prices on the intervening days are as follows:

The crude oil futures contract on the Australian Stock Exchange (ASX) covers 1,000 barrels of crude oil. The contract is quoted in dollars and cents per barrel, and the minimum price change is $0.01. The initial margin requirement is $8,500, and the maintenance margin requirement is $8,000. Suppose you bought a contract at $97.43, putting up the initial margin. At what price would you get a margin call?

Day Settlement Price

1/1 332.43

2/1 325.65

3/1 326.33

7/1 328.98

8/1 335.70

9/1 325.41

10/1 319.89

11/1 345.78

14/1 342.62

15/1 340.17

16/1 333.12