You sell futures contracts for a total of 15,000 bushels of corn at $3.75/bushel. Each contract is for 5,000 bushels of corn. The initial performance bond is $2,025 per contract and the maintenance margin is $1,500 per contract.

a. Indicate in the first row the number of contracts to be sold.

b. Fill in the table below. Remember, you may have to deposit additional funds in the account. [Assume there are no transaction costs.]

c. Assume you close out the futures contract at the end of Friday by buying futures contracts. Calculate the total gain or (loss).

			Number of contracts
Mon. Morn.			Initial performance bond
Mon. Close	$3.76		Gain/(loss) for the day, plus any additional funds that need to be deposited into the account.
			Ending balance for the day.
Tues. Close	$3.86		Gain/(loss) for the day, plus any additional funds that need to be deposited into the account
			Ending balance for the day
Thurs. Close	$3.87		Gain/(loss) for the day, plus any additional funds that need to be deposited into the account
			Ending balance for the day
Fri. Close	$3.91		Gain/(loss) for the day, plus any additional funds that need to be deposited into the account
			Ending balance for the day