Problem:
On March 29, 2011, Mike purchased a futures contract on silver for $6.07/ounce. The size of the contract is 5,000 ounces of silver. The initial margin requirement is 10%. Over the next three days, the price of silver futures changed as follows:
- Day-------Price
- 1-----------$6.10
- 2-----------$6.09
- 3-----------$6.03
Requirement:
Question: Calculate the amount of money in Mike's account at the end of each day.
Note: Please describe comprehensively and provide step by step solution.