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You purchased one July futures contract of pork bellies at $.59 per lb. One contract represents ...

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You purchased one July futures contract of pork bellies at $.59 per lb. One contract represents ...

You purchased one July futures contract of pork bellies at $.59 per lb. One contract represents 40,000 lbs. of pork bellies. Initial margin on the contract was 4% of the contract price with a maintenance margin of $500. By the end of the day, the price had fallen to $.57 per lb. How much will you be required to add to your margin account to replenish your maintenance margin?
A) None
B) $356
C) $144
D) $32

Textbook

Financial Management: Principles and Applications

Edition: 13^th

Authors: Titman, Keown, Martin

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