You enter into a short position in one gold futures contract worth $500 per ounce. Contract size is 100 ounces. The initial margin is $2,500 per contract and the maintenance margin is $1,500 per contract.

1. How much will the price of gold have to change for you to receive a margin call and will it need to increase or decrease?

2. What is your initial margin deposit?

3. . If the market closes at $497.50 per ounce at the end of the day, what is the balance on your margin account?