Question $34(1$ point$)$

You have a long position in one corn futures contract. Each futures contract calls for

the delivery of $5,000$ bushels of No$.2$ corn. The initial margin was $$2,500$ and the

maintenance margin is $$1,250.$ At the close of trading yesterday, the futures price

was $$5\mathrm{.}23$ per bushel and the balance in your margin account was $$3\mathrm{.}250.$ Today, the

settiement price for com futures is $$4\mathrm{.}78.$ What is the balance in your account at the

end of today's trading? Assume that you made the minimum deposit necessary if

there was a margin call.

$$1,000$

$$1,250$

$$1,500$

$$2\mathrm{.}500$