Question
You are a speculator in lean hogs futures. Your initial margin is $1,350 per contract, and your maintenance margin is $1,000 per contract. Each contract
You are a speculator in lean hogs futures. Your initial margin is $1,350 per contract, and your maintenance margin is $1,000 per contract. Each contract is for 40,000 lb. of lean hogs. You open a long position in one contract at $0.885 per pound, the settlement price that day is $0.903 per pound, and you keep your position open through the end of the trading day. What is the change in notional value of one contract from when you opened your position until the end of the trading day?
Enter your answer in dollars, rounded to the nearest dollar. If the change is negative, then type a minus sign in front of your answer. Do not type dollar signs or commas. For example, type -$1,234.56 as -1235
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