Yesterday, you entered into a futures contract to buy 62,500 at $1.20 per . Your initial performance bond is $1,500 and your maintenance level is $500. At what settle price will you get a demand for additional funds to be posted?

a. $1.2160 per .

b. $1.208 per .

c.$1.1920 per .

d. $1.1840 per .