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Tina has $5000 in cash and 300 fully-paid Colgate stocks in her account. Colgate stock is currently trading at $38. On day one, she writes. Colgate Nov 35 calls at $4.00. The initial margin requirement for the 3 uncovered calls is$3480. By the end of Day 1, Colgate stock drops to $37 and Colgate 35 calls close at 3 3/4 (3.75).

After Tina's position is marked-to-the-market, what will be the amount of funds in excess of margin requirements in her account?

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