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Today's settlement price on a Chicago Mercantile Exchange (CME) Yen futures contract is $0.8623/100. Your margin account currently has a balance of $1,487. The next

Today's settlement price on a Chicago Mercantile Exchange (CME) Yen futures contract is $0.8623/100. Your margin account currently has a balance of $1,487. The next three days' settlement prices are $0.8651/100, $0.8647/100, and $0.8657/100. (The contractual size of one CME Yen contract is 12,000,000). If you have a short position in one futures contract, then what will the balance of the margin account be after the third day?

Show you workings and the correct answer as follows in the space provided below:

Day one profit or loss (show your workings):

Day two profit or loss (show your workings):

Day three profit or loss (show your workings):

Balance of the margin account after the third day:

One of the following amounts will be the balance of the margin account after the third day:

a. $1,151

b. $1,391

c. $1,823

d. $1,079

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