The following information is used for the next TWO questions. Assume that you have sold two Australian dollar (AUD) futures contracts at the closing price on day t=0. Over the subsequent days, the futures price has evolved as shown in the following table. All values are the closing futures price for that day. Day Futures Price t=0 CHF1.0742/AUD t=1 CHF1.0819/AUD t=2 CHF1.0780/AUD t=3 CHF1.0745/AUD t=4 CHF1.0722/AUD Each futures contract on the Australian dollar has a size of AUD125,000, an initial margin of CHF2,000, and a maintenance margin of CHF1,300. In addition, assume that you never withdraw any excess funds from your margin account and always meet any required margin calls.

Question 3 What is the profit (+) or loss () on your position over the period t=0 to t=4?

Question 4 What is the balance on your margin account at the end of day t=4?

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