Today is October 8th and an investor takes a long position in one futures contract at the current futures price of $15.00 per unit. Each contract is for the delivery of 1,000 units of the underlying asset. The initial margin is 25% of the value of the contract and the maintenance margin is 80% of the initial margin.

a) What are the initial margin and the maintenance margin on this contract?

Initial margin is $ ; Maintenance margin is $

b) What does the futures price need to be for a margin call to occur?

For a margin call, the futures price should be $

c) At what futures price could the investor withdraw $2,500 from the margin account?

To withdraw $2,500, the futures price should be $

d) If the settlement futures price on Oct 9th is $14.80, what is the balance in the margin account on that day?

The balance on October 9^th is $