A member of a commodity exchange holds positions in multiple corn futures contracts over several consecutive days. A corn futures contract represents 5,000 bushels. Information about the futures positions and daily settlement prices is given below: | Position | Settlement price (in USD per bushel) | |------------------------------|--------------------------------------| | | **Day 1** | **Day 2** | **Day 3** | | Long September 1 corn contract | 4.75 | 4.95 | 4.85 | | Short December 1 corn contract | 5.00 | 5.15 | 5.10 | If the exchange has an automatic netting arrangement in place, what is the variation margin for the member at the end of day 2? | Financial Risk Manager Part 1 Quiz - LeetQuiz