Ethel and Egbert have decided to invest in the futures market. Both entered into 1,000 futures contracts, which required a $30,000 initial margin. The maintenance margin for each investor is $22,500. Ethel and Egbert disagree about the future so Ethel went long while Egbert went short. Estimate each investor€™s daily profit (loss) and equity position (assuming no cash deposits orwithdrawals).

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Ethel Egbert SpDaily profitEquity positionDaily profit Equity position Day price $100 $75 $50 $%80 4 $130 $100 (loss)(margin balance) (loss) (margin balance) OSs 0 $30,000 $30,000 2