Question: A trader opens a new position by writing two put option contracts. Each contract is on 100 shares of Exxon Mobil common stock. The option

A trader opens a new position by writing two put option contracts. Each contract is on 100 shares of Exxon Mobil common stock. The option premium is $6.06, the strike price is $50, and the stock price is $46.88. All prices listed here are per share.

What is the total initial margin for the two contracts? Apply the CBOE margin requirements.

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