Suppose you just went long 3 gold futures contracts, established at an initial settle price of $1,901 per ounce. Each contract represents 100 troy ounces. The initial margin to establish the position is $10,000 per contract, and the maintenance margin is $8,000 per contract. Suppose, too, that over the next four trading days, gold settles at $1,850, $1,895, 1,915, and $1,932, respectively. Compute the balances on your futures position and on your margin account at the end of the day you enter the position and on each of the subsequent four trading days. Clearly identify the days you would have received a margin call and the amount of each margin call.[1] In addition, compute your total profit or loss at the end of the trading period. Assume that a margin call requires you to restore your margin account to its initial requirement.

[1] Margin calls on futures contracts require you to return your margin account to its initial level. This is different than margin calls on a stock account that only require you to restore your margin account balance to the maintenance margin level. Go figure!