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Your broker requires an initial margin of $2,000 and a maintenance margin of $1,500 on Treasury note futures. Treasury note futures contracts are based on

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Your broker requires an initial margin of $2,000 and a maintenance margin of $1,500 on Treasury note futures. Treasury note futures contracts are based on a $100,000 par value and quoted in points and of 1/32 of a point. You own five Treasury futures contract that had a closing settlement quote of 120129 yesterday. Today, the settlement quote is 118285. Your margin balance at yesterday's close was $1,850. All margin calls restore margin levels to their initial level. Will you receive a margin call based on today's settlement quote and if so, for what amount? 3pts. Show all work

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