Question: I KNOW the answer is $6,250 LOSS. PLEASE answer showing EXCEL and provide ALL formulas. Suppose that on Monday, 7 July, you assume a long

I KNOW the answer is $6,250 LOSS. PLEASE answer showing EXCEL and provide ALL formulas. Suppose that on Monday, 7 July, you assume a long position in one December British pound futures contract at the futures price of $1.20/. The initial margin is $2,000, and the maintenance margin is $1,500. The contract size is 125,000. Assume you do not withdraw excess money from your margin balance. All margin requirements are met with cash. You hold your long position through Thursday, 10 July and short the same contract (a reversing trade) at the opening price of $1.15. The settlement prices on Monday, Tuesday and Wednesday are listed in the following: Monday: $1.21 Tuesday: $1.25 Wednesday: $1.17 What is your total gain or loss from this position?

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