Use the information below to answer the next 6 questions. Please enter a negative sign if it is a loss. The futures price of gold is $650/ounce. Futures contracts are for 100 ounces of gold, and the margin requirement is $5,000 a contract. The maintenance margin requirement is $1,500. You expect the price of gold to rise and enter into a contract to buy 100 ounces of gold.

(1/6) How much must you initially remit? Answer: $____________

(2/6) If the futures price of gold rises to $655/ounce, what is the profit/loss in dollars on your position? Answer: $____________

(3/6) If the futures price of gold rises to $655/ounce, what is the percentage profit/loss on your position? Answer: ________%

(4/6) If the futures price of gold declines to $620/ounce, what is the profit/loss in dollars on the position? Answer: $___________

(5/6) If the futures price of gold declines to $620/ounce, what is the percentage gain/loss on the position? Answer: ___________%

(6/6) If the futures price of gold falls to $620/ounce, will you receive a margin call? Group of answer choices Yes No