On May 1st, 2015 you purchase TWO silver futures contracts. Each contract is for 100 oz of silver. Your broker requires you to deposit in your account an initial margin of $1,000 per contract. The maintenance margin is $500 per contract. Your account is marked to market. The May 1st, 2015 closing futures price is $16.20 per ounce. The May 4th, 2015 closing futures price decreases to $15 per ounce of silver. a. What is your total initial margin deposit in your account when you purchase the futures contracts? Show your calculations. b. What is the balance of your account at the beginning of May 5th, 2015?