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　　To equitize the cash portion of assets under management, a portfoliomanager enters into a longg futures position on the S&P 500 index with amultiplier of 250. The cash position is $5,000,000, which at the currentfutures value of 1,000 requires the manager to be long 20 contracts. If the currentinitial margin is $12,500 per contract, and the current maintenance margin is$10,000 per contract, the variation margin the portfolio manager needs toadvance if the futures contract value falls to 985 at the end of the first dayof the position is closest to:
　　a. $15,000.
　　b. $30,000.
　　c. $300,000.
　　d. $75,000.
　　答案解析：选D
　　The futures contract ended at 985 on thefirst day. This represents a decrease in value in the position of (1,000 - 985)x $250 x 20 = $75,000. The initial margin placed by the manager was $12,500 x20 = $250,000. The maintenance margin for this position requires $10,000 x 20 =$200,000. Since the value of the position declined $75,000 on the first day,the margin account is now worth $175,000 and will require a variation margin of$75,000 to bring the position back to the initial margin. (See Book 2, Topic23)
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