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Your broker requires an initial margin of $4,500 per futures contract on soybeans and a maintenance margin of $3,000 per contract. Soybean futures contracts are
Your broker requires an initial margin of $4,500 per futures contract on soybeans and a maintenance margin of $3,000 per contract. Soybean futures contracts are based on 5,000 bushels and quoted in cents per bushel. Yesterday, you bought 5 soybean futures contracts at the closing settlement price of 1372 (i.e., $13.72). When the 5 contracts were purchased, the total dollar amount of required equity was closest to:
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