POSITION AT THE BEGINING OF DAY 4 MARGINS
short 3 covered Colgate Nov35 calls $ 0
uncov. Colgate Nov35 calls $ 3,840
long 5 Unisys Nov75 puts $ 0
short 2 uncov. GM Mar70 puts $ 3,000
margin deficit: $ 370
Previous Day's Closing Prices
Colgate stock $39.00
Colgate Nov35 call $ 5.00
GM Stock $72.00
GM Mar70 puts $ 3.00
Unisys Nov75 put $ 1.75
Day 4: In order to meet her margin call, Tina sells 100 Colgate
stocks at $ 38.50.
Supposing that all the closing prices of Day 4 are the same as they were for Day 3, what would Tina's excess margin be at the end of Day 4?
a) +2200
b) -3480
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