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On Day 0, an investor buys, on margin, 10 T-Bond futures contracts at the current price of 100. Current value is $100,000 x 10 contracts = $1,000,000. Initial margin is $4,000 per contract and the maintenance margin is $4,000 per contract (or 4%). Show the transactions in the margin account, if the price of the T-Bond futures is the following at days end:
Day 1 95-00 $95,000 x 10Ks = $950,000
Day 2 91-00 $91,000 x 10Ks = $910,000
Day 3 97-16 $97,500 x 10Ks = $975,000
At end of Day 3, the investor sells the T-Bond futures contracts at 97-16. What is his gain/loss on this investment?

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