Xu purchased $4$ futures contracts on corn. The contract size is $5,000$ bushels and the price is quoted in cents per bushel. Assume the initial margin requirement is $7\mathrm{.}5\%$ of the contract value. What is the amount of the initial margin if the futures quote is $840?$

Multiple Choice

$$126\mathrm{.}40$

$$221\mathrm{.}20$

$$1,404$

$$2,600$

$$12,600$