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(Solved): Use the following corn futures quotes: Corn 5,000 bushelsContract MonthOpenHighLowSettleChangeOpen ...



Use the following corn futures quotes: Corn 5,000 bushelsContract MonthOpenHighLowSettleChangeOpen InterestMarch455.125457.000451.750452.000−2.750597,913May467.000468.000463.000463.250−2.750137,547July477.000477.500472.500473.000−2.000153,164September475.000475.500471.750472.250−2.00029,258 Suppose you buy 16 of the September corn futures contracts at the last price of the day. One month from now, the futures price of this contract is 462.250, and you close out your position. Calculate your dollar profit on this investment. Note: A negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.



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