Use the table below for Problems 13-17. The table lists the end of day margin account balances at the end of each trading day for an investor who is short one commodity futures contract to hedge an underlying position in the spot asset. The contract has a multiplier of 200. The investor enters the position at T=0 and closed out their position at T=10. Each investors broker will issue a margin call if the account balance falls below the maintenance margin at the end of each trading day; any funds called are required to be deposited at by the start of the next trading day. The broker requires the following: Initial Margin: 10.0k Maintenance Margin: 7.5k

Day	Spot	Future	Balance
Day	Price	Price	Short
0	1561.20	1650.00	$10,000
1		1654.02	$9,196
2		1658.28	$8,344
3		1642.50	$11.501
4		1648.43	$10,314
5		1642.73	$11,455
6		1643.47	$11.306
7		1651.13	$9,774
8		1645.69	$10,862
9 10	1604.34	1643.26 1634.04	$11,348 13,192

13.) In terms of receiving a margin call:

A.) Only the long position would receive a margin call over the ten day period

B.) Only the short position would receive a margin call over the ten day period

C.) Both the long and short position would receive a margin call over the ten day period

D.) Neither the long or short position would receive a margin call over the ten day period

E.) Impossible to tell without the more information about the daily spot rates from T=1 to T=9

14.) Assuming there are no deposits (other than margin calls) or withdrawals, at the end of day 10:

A.) The long position has realized a cumulative gain of $3192 in the margin account

B.) The short position has realized a cumulative gain of $3192 in the margin account

C.) The long position has realized a cumulative loss of $8629 in the margin account

D.) The short position has realized a cumulative loss of $8629 in the margin account

E.) None of the above