Question: Please help with the calculations here, please show all work and steps to solution. The current price of gold is $864 per troy ounce. Assume

Please help with the calculations here, please show all work and steps to solution.

The current price of gold is $864 per troy ounce. Assume that you initiate a long position in 10 COMEX gold futures contracts at this price on 7-July-2016. The initial margin is 7% of the initial price of the futures, and the maintenance margin is 5% of the initial price. Assume the following evolution of gold prices over the next five days, and compute the margin account assuming that you meet all margin calls.

Date Price per Ounce

7-Jul-16

$864

8-Jul-16

$860

9-Jul-16

$858

10-Jul-16

$852

11-Jul-16

$842

12-Jul-16

$840

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