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You have a short position in one corn futures contract. Each futures contract calls for the delivery ...

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You have a short position in one corn futures contract. Each futures contract calls for the delivery ...

You have a short position in one corn futures contract. Each futures contract calls for the delivery of 5,000 bushels of No. 2 yellow corn. The initial margin was $2,500 and the maintenance margin is $1,250. At the close of trading yesterday, the futures price was $5.23 per bushel and the balance in your margin account was $1,750. Today, the settlement price for corn futures is $5.43. What is the balance in your account at the end of today's trading? Assume that you made the minimum deposit necessary if there was a margin call.

▸ $1,500

▸ $1,750

▸ $2,500

▸ $3,250

Textbook

Corporate Finance Online

Edition: 2^nd

Authors: Eakins, McNally

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