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These are the quotes at the time of future contract (Day 0) Settlement Price = 96-12 Face Value = $100,000 The initial margin required is

These are the quotes at the time of future contract (Day 0)

Settlement Price = 96-12

Face Value = $100,000

The initial margin required is 10% of face value.

The maintenance margin is 8% of face value.

On Day 1, settlement price is 95-23. What will be the initial margin of buyer and seller respectively?

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