Question

A trader takes the long position and a hedge fund takes a short position on ten 1-month 
S&P 500 futures contracts at 1300. A single S&P 500 futures contract equals ($250) x 
(Index Value). The initial margin is $325,000 and the maintenance margin is $245,000 
for both accounts. Ten trading days later, the futures price of the index drops to 1,260 
triggering a margin call for the trader. What is the change margin account balance 
(indicate gain or loss) for: a) the trader and b) the hedge fund? What is the margin call 
for the trader? (trader: $100,000 loss, hedge fund: $100,000 gain, margin call: 
$100,000