On 11/12/XX, you decided to open a margin account to purchase S&P 500 stock index futures. The stock index futures traded at 1187.70/share when you opened your position. Each contract has 250 shares of the S&P 500 Index attached. Your broker requires an initial margin of 10% of the total initial value of your futures position. The maintenance margin is $20,000 per contract. S&P 500 stock index futures trades at 1178 on 11/13/XX.
How much must you deposit in a margin account if you wish to purchase two contracts on 11/12/XX?
Find your ending margin account balance on 11/13/XX. Assume deficits are eliminated to keep the position open?