POSITION AT THE BEGINING OF DAY 4 MARGINS short 3 covered Colgate Nov35 calls $ 0 uncov. Colgate Nov35 calls $ 3,840 long 5 Unisys Nov75 puts $ 0 short 2 uncov. GM Mar70 puts $ 3,000 margin deficit: $ 370Day 4: In order to meet her margin call, Tina sells 100 Colgate stocks at $ 38.50.
Previous Day's Closing Prices
Colgate stock $39.00 Colgate Nov35 call $ 5.00 GM Stock $72.00 GM Mar70 puts $ 3.00 Unisys Nov75 put $ 1.75
Supposing that all the closing prices of Day 4 are the same as they were for Day 3, what would Tina's excess margin be at the end of Day 4?