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To equitize the cash portion of assets under management, a portfolio manager enters into a long futures position on the S&P 500 index with a multiplier of 250. The cash position is $15 million which at the current futures value of 1,000, requires the manager to be long 60 contracts. If the current initial margin is $12,500 per contract, and the current maintenance margin is $10,000 per contract, what variation margin does the portfolio manager have to advance if the futures contract value falls to 995 at the end of the first day of the position being placed? A. $30,000. B. $0. C. $300,000. D. $75,000. |