Question: A trader writes three naked put option contracts. Each contract is on 100 shares. The option premium is $7, the strike price is $50, and

A trader writes three naked put option contracts. Each contract is on 100 shares. The option premium is $7, the strike price is $50, and the stock price is $45.00. What is the total initial margin for the two contracts? (All prices are per share.) ? (Answer is $4,800)

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