Q$3.$

On April $3,$ trader M$,$ SHORTED two $(2)$ gasoline futures for delivery month May

for the market price of cents$67\mathrm{.}85/$gallon$.$

There are $42,000$ gallons in one gasoline futures.

The initial and the required maintenance margins per gasoline futures are as follows:

Margin

Initial

Spot month $($May$)$

Non$-$Spot month $($June$)$

Maintenance

$$3,000$

$$2,000$

$$1,100$

Again: There are $42,000$ gallons in one contract.

Futures prices are given in cents$/$gallon$.$

Trader $M$ held the $2$ short May futures position until April $12$ without trading.

On April $12,$ M offset the $(2$ May$)$ futures position at the settle price of

cents$70\mathrm{.}11/$gallon$.$ Also on April $12,$ M deposited enough money to bring the

margin to $$5,000.$ M did not withdraw the $$5,000$ from the margin account and

did not trade until April $18.$

On April $18,$ M SHORTED four $(4)$ June gasoline futures for cents$69\mathrm{.}33/$gallon and

deposited $$3,000$ in the margin account to satisfy the initial margin requirement

of $(4)($$$2,000)=$$$8,000.($Recall that $M$ kept $$5,000$ in the margin account.$)$

M did not trade on April $19$ and April $20.$

On April $21,$ M quit the market by offsetting the short $(4$ June futures$)$ position

for the market price of cents $\frac{71\mathrm{.}18}{?}$ gallon and withdrew the funds $($M$\text{'}$s equity$)$

from the margin account.

Based on the information above:

Fill in the numbers in the two right columns of the

table in the next page.

Note that M did not trade on days in which market prices are not given in the table.

Again: the prices in the table are in cents per gallon.

$***$PLEASE RESPOND IN THE TABLE FORMAT THAT IS ON THE IMAGE$***$