Tom took a short position of 15 contracts of S&P 500 futures. Each contract consists of 250 units of the index at a futures price of 1,200 per unit exactly one month from now. The initial margin is 5% of the notional value, and the maintenance margin is 90% of the initial margin. The continuously compounded interest rate is 4%. The position is marked-to-market on a daily basis. On the day of the first marked-to-market, the futures price dropped to 1195. On the day of the second marked-to-market, the futures price is X and Tom is not required to make a deposit into his account. Calculate the largest possible value of X. Tom took a short position of 15 contracts of S&P 500 futures. Each contract consists of 250 units of the index at a futures price of 1,200 per unit exactly one month from now. The initial margin is 5% of the notional value, and the maintenance margin is 90% of the initial margin. The continuously compounded interest rate is 4%. The position is marked-to-market on a daily basis. On the day of the first marked-to-market, the futures price dropped to 1195. On the day of the second marked-to-market, the futures price is X and Tom is not required to make a deposit into his account. Calculate the largest possible value of X