Situation at the beginning of day 3

POSITIONS                                MARGINS 
short 3 covered Colgate Nov 35 calls      $     0   
short 3 uncov. Colgate Nov 35 calls       $ 3,330 
long 5 Unisys Nov 75 puts                 $     0 
excess margin:                            $ 2,820 

What is the initial margin requirement for this transaction?

• a) +2560
  Yes. The calculation for one uncovered put is as follows: 20% of $7,400 + $200 - $400 (out-of-the-money amount) = $1280. Continue
  b) -3000
  c) -3360
  d) -1280
  e) -2960

(Click here for help)