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Suppose you are long 8 gold futures contracts, established at aninitial settle price of $1,325 per ounce. Each contract represents100 troy ounces. The initial margin to establish the position is$4,950 per contract, and the maintenance margin is $4,500 percontract (these were the margin requirements on the CME on June 3,2019). Over the subsequent four trading days, gold settles at$1,330, $1,315, 1,300, and $1,310, respectively. Compute thebalances on your futures position and on your margin account at theend of the day you enter the position and on each of the subsequentfour trading days. Clearly identify the days you would havereceived a margin call and the amount of each margin call. Inaddition, compute your total profit or loss at the end of thetrading period. Assume that a margin call requires you to restoreyour margin account to its initial requirement.