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Can someone please provide the CORRECT formula and steps to get the correct answer of...

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Finance

imageCan someone please provide the CORRECT formula and steps to get the correct answer of $1,500? The last response made to this question was wrong.

Thanks,

Suppose that on Monday, 7 July, you assume a long position in one December British pound futures contract at the futures price of $1.10/E. The initial margin is $2,000, and the maintenance margin is $1,500. The contract size is 125,000. Assume you do not withdraw excess money from your margin balance. All margin requirements are met with cash. The settlement prices for Monday and the next two days are shown in the following: Monday: $1.10 Tuesday: $1.15 Wednesday: $1.07 What is the balance in your margin account at the end of Wednesday? Select one: a. $1,500 b. $2,000 c. $1,750 d. $$1,000 e. $750

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