Use the following information for questions 3-6.Suppose that you shorted a June S&P 500 futures contract (250 x index) a month ago at 2948.80.Today it rose by 120.50 and settled at 2780.60.The initial margin requirement was $35,000 and the maintenance margin requirement is $20,000.You have not had a margin call for the contract.

What's it going to take for you to have a margin call?That is, where does the futures price

have to be for you to have a margin call?

Answer: The futures price has to be above / below (circle one) ______________

What's your profit or loss since you opened the contract?

Answer: Profit / Loss of $_____________

(Circle One)

What was your one-day profit or loss today?

Answer: Profit / Loss of $_____________

(Circle One)

What's your margin balance at today's settle?

Answer: Your margin balance is currently $_______________