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You have entered a long position in an oil futures contract. The contract size is 1,000 barrels for each contract. The initial margin required is

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You have entered a long position in an oil futures contract. The contract size is 1,000 barrels for each contract. The initial margin required is $22,000 per contract. The maintenance margin is $18,000. The contract is entered at market close on January 7 at a price of $67/barrel. The oil futures price is $64/barrel on Jan. 8, $62/barrel on Jan. 9, and $69/barrel on Jan. 10. What is the final balance in the margin account? Date Futures price Daily gain/loss Margin account Margin call balance Jan 7 167 Jan 8 64 Jan 9 62 Jan 10 69 Numeric Response

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