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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Use the following corn futures quotes:
         Â
| Â Â Corn 5,000 bushels | ||||||
| Â | ||||||
| Â Â Contract Month | Open | High | Low | Settle | Chg | Open Int |
| Â Â Mar | 455.125 | 457.000 | 451.750 | 452.000 | ?2.750 | 597,913Â Â |
| Â Â May | 467.000 | 468.000 | 463.000 | 463.250 | ?2.750 | 137,547Â Â |
| Â Â July | 477.000 | 477.500 | 472.500 | 473.000 | ?2.000 | 153,164Â Â |
| Â Â Sep | 475.000 | 475.500 | 471.750 | 472.250 | ?2.000 | 29,258Â Â |
| Â | ||||||
  Â
Suppose you buy 21 of the September corn futures contracts at the last price of the day. One month from now, the futures price of this contract is 463.125, and you close out your position. Calculate your dollar profit on this investment.
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