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Your broker requires an initial margin of $7,000 per futures contract on wheat and a maintenance margin of $4,500 per contract. Wheat futures contract are

Your broker requires an initial margin of $7,000 per futures contract on wheat and a maintenance margin of $4,500 per contract. Wheat futures contract are based on 5,000 bushels and quoted in cents per bushel. You sold one wheat futures contract yesterday at the closing settlement price quote of 580. Today, the settlement quote is 860. Will you receive a margin call and if so, for what amount? All margin calls restore the margin level to its initial level.

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