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Your broker requires an initial margin of $850 per futures contract on wheat and a maintenance margin of $650 per contract. Wheat futures contracts are

Your broker requires an initial margin of $850 per futures contract on wheat and a maintenance margin of $650 per contract. Wheat futures contracts are based on 5,000 bushels and quoted in cents per bushel. You bought 6 wheat futures contracts at a price of 585 cents per bushels. Today, the settlement quote is 578 cents per bushels. Will you receive a margin call and if so, for what amount (6 contracts totally)? Assume you have not received any previous margin calls.

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