Suppose you buy a stock index futures contract at the opening price of 452.25 on July 1. The multiplier on the contract is 500, so the price is $500(452.25) = $226,125. You hold the position until selling it on July 16 at the opening price of 435.50. The initial margin requirement is $9,000, and the maintenance margin requirement is $6,000. Assume that you deposit the initial margin and do not withdraw the excess on any given day. Construct a table showing the charges and credits to the margin account. The daily prices on the intervening days are as follows:
DaySettlement Price1
7/1................453.95
7/2................454.50
7/3................452.00
7/7................443.55
7/8................441.65
7/9................442.85
7/10...............444.15
7/11...............442.25
7/14................438.30
7/15................435.05
7/16................435.50