You entered into a short position on 10,514 of copper at $6.76 per pound. The initial margin for this contract is $100,000. Suppose the futures price today is $8.71. How much is in your margin account? Question 4 1 pts The city you work for is worried about overtime for snowplow drivers if there is a really large snowstorm. You estimate that the city will spend $1,000 in overtime for every inch of snow above 12 inches. You suggest buying parametric insurance to hedge this risk. The policy states that the insurance company will pay $1,527 for every inch of snow above 24 inches. Next year, the total snow amount is 47. What is your city's hedged position?