The futures price of gold is $650. Futures contracts are for 100 ounces of gold, and the margin requirement is $5,000 a contract. The maintenance margin requirement is $1,500. You expect the price of gold to rise and enter into a contract to buy gold.

a) How much must you initially remit?

b) If the futures price of gold rises to $655, what is the profit and percentage return on your position?

c) If the futures price of gold declines to $648, what is the loss and percentage return on the position?

d) If the futures price falls to $638, what must you do?

e) If the futures price continues to decline to $632, how much do you have in your account?

f) How do you close your position?