A silver futures contract requires the seller to deliver 5,000 troy ounces of silver. An investor sells one July silver futures contract at a price of $8 per ounce, posting a $2,025 initial margin. If the required maintenance margin is $1,500, the price per ounce at which the investor would first receive a maintenance margin call is closest to: a. $5.92 b. $7.89 c. $8.11 d. $10.80
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- Jon establishes a long position of one T-bond future today for a settlement price of 101'02. The exchange requires an initial margin of $2700 and a maintenance margin of $2500. Below are the next two days closing price on this contract. Day 1: settlement price100'31 Day 2: settlement price 99'30 The margin account balance after two days is Numeric Response dollarsA bank has iss6a six month 1 million negotiated CD with a 0.72 percent annual interest rate. Thus at maturity (182 day) the CD holder will receive (check photo) in six months in exchange for $1 million deposited in the bank today. Immediately after the CD is issued, the secondary market price on the $ 1 million CD falls to $999,651. What is the secondary market yield on the $ 1 million face value of the CD?A 60-day $500 note with interest at 9.5% was written on July 15. The maker approaches the payee on August 9 to propose an early settlement. What amount should the payee be willing to accept on August 9 if short-term investments can earn 7.25%? Multiple Choice O O O O O $502.30 $503.40 $584.30 $502.50 $504.30
- Question: (Pricing a forward contract with dividends) The current price of silver is $206 per ounce. The storage cost is $1 ounce per year, payable quarterly in advance. Assuming a constant annual interest rate of 9% compounded quarterly, what is the theoretical forward price of silver for delivery in 9 months? Please submit your answer rounded to the nearest integer - for example, if your answer is 19.819, round it to either 20.A finance company paid a merchant $3,975 for a conditional sale contract after discounting it to yield 18% compounded monthly. If the contract is for 20 monthly payments of $256.96 following a payment-free period, what is the time interval between the date of sale and the first payment? (Round your answer to the nearest month.) _____ monthsShow work and discuss result after Finding the approximate market value of a long position in an FRA at a fixed rate of 5 percent in which the contract expires in 20 days, the underlying is 180-day LIBOR, the notional principal is $25 million, the 20-day rate is 7 percent, and the 200-day rate is 8.5 percent
- Required: A bank sells a "three against six" $3,000,000 FRA for a three-month period beginning three months from today and ending six months from today. The purpose of the FRA is to cover the interest rate risk caused by the maturity mismatch from having made a three-month Eurodollar loan and having accepted a six-month Eurodollar deposit. The agreement rate with the buyer is 5.50 percent. There are actually 92 days in the three-month FRA period. Assume that three months from today the settlement rate is 6.125 percent. Determine how much the FRA is worth and who pays who-the buyer pays the seller, or the seller pays the buyer. Note: Round your intermediate calculations to 6 decimal places. Round your answer to 2 decimal places. Assume 360 days in a year. Seller pays buyer Answer is complete but not entirely correct. the absolute value of the FRA S 9,312.50 xRequired: A bank sells a "three against six" $3,000,000 FRA for a three-month period beginning three months from today and ending six months from today. The purpose of the FRA is to cover the interest rate risk caused by the maturity mismatch from having made a three-month Eurodollar loan and having accepted a six-month Eurodollar deposit. The agreement rate with the buyer is 5.64 percent. There are actually 92 days in the three-month FRA period. Assume that three months from today the settlement rate is 6.195 percent. Determine how much the FRA is worth and who pays who-the buyer pays the seller, or the seller pays the buyer. Note: Round your intermediate calculations to 6 decimal places. Round your answer to 2 decimal places. Assume 360 days in a year. the absolute value of the FRARequired: A bank sells a “three against six” $3,000,000 FRA for a three-month period beginning three months from today and ending six months from today. The purpose of the FRA is to cover the interest rate risk caused by the maturity mismatch from having made a three-month Eurodollar loan and having accepted a six-month Eurodollar deposit. The agreement rate with the buyer is 5.54 percent. There are actually 92 days in the three-month FRA period. Assume that three months from today the settlement rate is 4.895 percent. Determine how much the FRA is worth and who pays who—the buyer pays the seller, or the seller pays the buyer. Note: Round your intermediate calculations to 6 decimal places. Round your answer to 2 decimal places. Assume 360 days in a year.
- Problem 2: Cost-of-Carry Model. The spot price of silver is $30 per ounce. The continuously compounded interest rate is 6% per year. The quoted six-month forward price for silver is $32. (a) What should the arbitrage-free forward price of silver for a forward contract ma- turing in six months? (b) How would you arbitrage any mispricing?On July 10, 2012, you purchase a $10,000 par T-note that matures in five years. The settlement occurs on July 11, 2019. The coupon rate is 6 percent and the current price quote is 97.6232 percent The last coupon payment was on 14 days before settlement, and the next coupon payment will be paid on 167 days from settlement. Calculate the accrued interest due to the seller from the buyer at settlement. (round your answer to 2 decimal places)You are offered a $3,000,000 contract to be paid to you over 6 years at $500,000 per year. The first payment will be made at the end of the year. If the current market interest rate is 3.5%, what is the contract really worth to you? $2,500,000.00 $3,275,076.09 $2,664,276.51 $3,000,000.00