You purchase a futures contract for September delivery (September 15th) of 62,500 poounds on March 15th. The pound futures exchange rate is $1.65 per pound. The bank has a margin requirement of 2 percent. When the futures contract matures in September, the spot rate is $1.63 per pound. What is the total cost of your 62,500 pounds when the futures contract matures? O $103,125 O $101,875 O $105,187.5 O $103,937.5

You purchase a futures contract for September delivery (September 15th) of 62,500 poounds on March 15th. The pound futures exchange rate is $1.65 per pound. The bank has a margin requirement of 2 percent. When the futures contract matures in September, the spot rate is $1.63 per pound. What is the total cost of your 62,500 pounds when the futures contract matures? $103,125 $101,875 $105,187.5 $103,937.5