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Todays settlement price on a Chicago Mercantile Exchange (CME) Yen futures contract is $0.8011/Y100. Your margin account currently has a balance of $2,000. The next

Todays settlement price on a Chicago Mercantile Exchange (CME) Yen futures contract is $0.8011/Y100. Your margin account currently has a balance of $2,000. The next three days settlement prices are $0.8057/Y100, $0.7996/Y100, $0.7985/Y100. (The contractual size of one CME Yen contract is Y1,250,000). If you have a short position in one futures contract, the changes in the margin account from daily marking-to-market will result in the balance of the margin account after the third day to be:

a. $1,425

b. $2,000

c. $2,325

d. $3,425

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