If the maintenance margin is 40 percent at what price will you receive a margin call?

Contra Show more Problem 3-12 Use the following corn futures quotes: Corn 5000 bushels Corn 5000 bushels Corn 5000 bushels Corn 5000 bushels Corn 5000 bushels Corn 5000 bushels Corn 5000 bushels Contract Month Open High Low Settle Chg Open Int Mar 455.125 457.000 451.750 452.000 2.750 597913 May 467.000 468.000 463.000 463.250 2.750 137547 July 477.000 477.500 472.500 473.000 2.000 153164 Sep 475.000 475.500 471.750 472.250 2.000 29258 Suppose you sell 19 of the May corn futures at the high price of the day. You close your position later when the price is 465.500. Ignoring commission what is your dollar profit on this transaction? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the $ sign in your response.) Dollar profit $ Problem 3-14 Use the following quotes for JC Penney stock options: If you wanted to purchase the right to sell 2600 shares of JC Penney stock in January 2013 at a strike price of $30 per share how much would this cost you? (Do not round intermediate calculations. Round your answer to the nearest whole dollar. Omit the $ sign in your response.) Price $ Problem 2-6 You buy 500 shares of stock at a price of $66 and an initial margin of 55 percent. If the maintenance margin is 40 percent at what price will you receive a margin call? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the $ sign in your response.) Margin call price $ Show less

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