Suppose you buy a stock index futures contract at the opening price of $452\mathrm{.}25$ on July $1.$ The multiplier

on the contract is $500,$ so the price is $$500(452\mathrm{.}25)=$$$226,125.$ You hold the position until selling it on

July $16$ at the opening price of $435\mathrm{.}50.$ The initial margin requirement is $$9,000,$ and the maintenance

margin requirement is $$6,000.$ 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:

Day Settlement

Price $1$

Mark to

Market

Other Entries Account

Balance

Explanation

$7/1453\mathrm{.}95$

$7/2454\mathrm{.}50$

$7/3452\mathrm{.}00$

$7/7443\mathrm{.}55$

$7/8441\mathrm{.}65$

$7/9442\mathrm{.}85$

$7/10444\mathrm{.}15$

$7/11442\mathrm{.}25$

$7/14438\mathrm{.}30$

$7/15435\mathrm{.}05$

$7/16435\mathrm{.}50$