Alan bought a gold futures contract at the open on June 1st (day 0). The futures price was USD $1,600 per ounce and the contract size was 100 ounces.Alan set up a margin account with initial margin of $11,000 per contract and maintenance margin of $8,000 per contract. The gold futures price varied as follows: $1,590 (day 1); $1,582 (day 2); $1,568 (day 3); $1,530 (day 4); $1,510 (day 5). What was the balance in Alan's margin account at end of the fifth day?
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