You sold short two index futures contract at the opening price of 2452.25 on July 1. The contract moves $500 in value per point ($125 per tic, or, per 1/4 point). The initial margin requirements is $9,000 per contract and the maintenance margin is $6,000 per contract. The settlement price for July 1 is 2453.75. What is the balance of your margin account at the end of the day on July 1?

a. $19,500

b. $16,500

c. $8,250

d. $14,250