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You've just bought 5 futures contract on corn at a futures price of 586 for...

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Accounting

You've just bought 5 futures contract on corn at a futures price of 586 for delivery in 3 months. Each contract is for 5,000 bushels and is priced in cents per bushel. The initial margin requirement is 20%.

a)How much of your own money did you have to put up initially?

b)One month later, the futures price is 554. How much money (in $) was added to (enter as a positive number) or taken out of (enter as a negative number) your margin account over the last month due to marking to market?

c)What is the balance in your margin account now?

d)What is your return over that month?

e)Another month later, the futures price is 609. What is the balance in your margin account now?

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