Question 3 10pts (a)At date 0 you take a long position in 10 May wheat futures at a futures price of 3.60 dollars per bushel. Each futures contract controls 5000 bushels. The total dollar futures price is therefore 3.60 times 5000 = 18,000 dollars per contract. For both the long and short position at what futures prices would margin calls be issued. (b)Over the next three days first assume the long position encountered the following prices ( 3.59, 3.55, 3.52). For each day show the amount of funds in the margin account. Assume these funds do not accrue interest. Indicate at which day a margin call is issued. How much money must the long deposit into the margin account when a margin call occurs. (c) Now consider a short position in 10 contracts. Assume the prices over consecutive days 1,2, and 3 were (2.59, 3.65, 3.69). For each of these days show the funds in the margin account and indicate whether a margin call is issued. If so, how much money does the short need to deposit into the margin account to bring back the balance to the initial margin. Question 3 10pts (a)At date 0 you take a long position in 10 May wheat futures at a futures price of 3.60 dollars per bushel. Each futures contract controls 5000 bushels. The total dollar futures price is therefore 3.60 times 5000 = 18,000 dollars per contract. For both the long and short position at what futures prices would margin calls be issued. (b)Over the next three days first assume the long position encountered the following prices ( 3.59, 3.55, 3.52). For each day show the amount of funds in the margin account. Assume these funds do not accrue interest. Indicate at which day a margin call is issued. How much money must the long deposit into the margin account when a margin call occurs. (c) Now consider a short position in 10 contracts. Assume the prices over consecutive days 1,2, and 3 were (2.59, 3.65, 3.69). For each of these days show the funds in the margin account and indicate whether a margin call is issued. If so, how much money does the short need to deposit into the margin account to bring back the balance to the initial margin