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  3. you took a short futures position in 10 contracts,

You took a short futures position in 10 contracts, covering each 100 ounces of gold at...

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Advance Math

You took a short futures position in 10 contracts, covering each100 ounces of gold at a price of $276.5 per ounce. The initial andthe maintenance margin requirement are respectively $1500 and is$1100 per contract. No withdrawal in any excess margin will bemade. Ignore any interest on the balance.

The settlement prices per ounce of gold at the end of days 1, 2and 3 are respectively $278, $281 and $276.

(c) Calculate your total gain or loss at the end of day 3, andthe annualized return. [5]

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