Question
You are a speculator in corn futures. Your initial margin is $1,925 per contract, and your maintenance margin is $1,750 per contract. Each contract is
You are a speculator in corn futures. Your initial margin is $1,925 per contract, and your maintenance margin is $1,750 per contract. Each contract is for 5,000 bu. of corn. You open a short position in one contract at $4.493 per bushel, the settlement price that day is $4.639 per bushel, and you keep your position open through the end of the trading day. What will your account balance be after your account is marked to market? Assume that you deposit the initial margin when you open your short position.
Enter your answer in dollars, rounded to the nearest dollar. Do not type dollar signs or commas. For example, type $1,234.56 as 1235
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