Suppose you sell seven March 2021 silver futures contracts on December 4, 2020, at the last price of the day. Use Table 25.2. a. What will your profit or loss be if silver prices turn out to be $25.01 per ounce at expiration? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What will your profit or loss be if silver prices are $23.13 per ounce at expiration? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. b.
Suppose you sell seven March 2021 silver futures contracts on December 4, 2020, at the last price of the day. Use Table 25.2. a. What will your profit or loss be if silver prices turn out to be $25.01 per ounce at expiration? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What will your profit or loss be if silver prices are $23.13 per ounce at expiration? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. b.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![Table 25.2 Futures Contracts Quote, December 4, 2020
Futures Contracts
Metal & Petroleum Futures
Contract
Open High hilo Low
Copper-High (CMX)-25,000 lbs:$per Ib
Dec 3.4800 3.5055 3.4580
March 21 3.4935 3.5230 A 3.4695
Gold (CMO)-100 troy oz:$per troy oz
Dec
Jan 21
Feb
April
June
Aug
Palladium (NYM)-50 troy oz:$pertroy az
Dec 2360.00 2360.00
March21 2417.60 2431.60
Platinum (NYM)-50 troy oz. $ per troy oz.
Dec
Jan 21 1020.20 1042.10
Silver (CMX)-5,000 troy oz. $ per troy oz
Dec 24.100 24.340
Jan
Feb
March
April
June
1829.20 1842.00
1830.50 1844.00
1833.90 1847.40
1837.00 1850.70
1839.50 1852.90
1843.60 1854.40
Jan
Feb
Jan
Feb
March21 24.220 24.420
Crude Oil, Light Sweet (NYM) 1,000 bbls. $per bb
44.99 45.84
44.66 45.64
45.14
45.98
44.84
45.79
45.24
46.07
44.98
45.91
45.07
45.96
45.06
45.93
Dec
44.46
45.00
NY Harbor ULSD ONYMD-42000 gal. Spergal.
Jan
13541 13933
Feb
45.42
45.46
44.86 45.18
46.13
March
Apri
May
Oct
46.08
1.3612 1.3984
13721 14049
1825.30 1836.80 11.10 15,718
1824.00 1838.40 10.80
2,428
1826.70 1841.10 10.90 396,152
1830.50 1844.70 10.80 69,763
1832.90 1847.10 10.80 31,294
8,469
1836.10 1849.00 10.60
1.2376 1.2664
12447 1.2749
12357
Natural Gas (NYM)-10,000 MMBtu:$per
2.760 2768
2.756 2769
2.706 2711
2.637 2644
2.636 2649
2761
2.792
2225.10 2302.10 -95.30 102
2228.00 2317.90 -90.30 9,561
13633 1.3999
Gasoline-NY RBOB (NYM)-42,000 gal. $ pergal
12239 12617
1.2705
MMBtu
-1037.00 26.60
1
1005.00 1038.60 26.50 48,031
23.935 24.087 0.062 3,337
23.850 24.137 0.057 127,183
2.484
2.486
2.441
2.393
2.405
2.560
Open
Settle Chg interest
3.4790 0.0040 4,633
3.4905 0.0015 167,647
Corn (CBT)-5,000 bucents per bu
Dec 419.25 423.25
March 21 424.00 427.50
Oats (CBT) 5,000 bu, cents per bu
Dec
March21 295.00 301.75
295.00
Soybeans (CBT) 5,000 bu.cents per bu
1154.25 1170.75
1152.00
417.75
422.00
Agriculture Futures
Jan
March 1156.00 1172.50
1154.00
Soybean Meal (CET)-100 tons: $ per ton
Dec
389.80 394.00
389.40
Jan 21
385.60 391.00
384.70
Soybean Oil (CBT)-60,000 bs,cents per b
Dec
37.81 38.72
36.88
Jan 21 37.09 37.80
Rough Rice (CBT)-2000 cwt.Sper cwt
Jan
12.31
12.50
12.41 12.42
12.61 12.61
March
Wheat (CBT)-5,000 bu, cents perbu
Dec
573.50 576.00
March 21 588.50 591.00
Wheat (KC)-5,000 bucents per bu
Dec
568.00
579.75
422.50
426.50
15.14
15.50
2.507 -273 298,896
2.515 -263 96,590
2.476 247 195,204
2.434 -223 86,784
1168.25
1170.25
37.81 38.68
0.36 377,052
0.35 205,147
0.34 192,213
0.32 97,163
2.449 -210 54,769
2.614 184 92,144
0.29 214,184
0.01 282,937
392.80
390.00
0271 110,717
0246 49,764
0218 125,665
0191 46,848
303.75 9.25
300.75
3.50 6,680
2.75 900,392
44
4.25 3,710
15.25 297,028
15.50 261,969
3.30 2,204
4.40 125,693
1.21 1,218
37.73 81 142,999
12.33 -13 8,267
12.52 -12 810
571.75 -6.25 161
584.50 -4.00 196,463
78
545.00 -5.50
544.75 549.75 -4.00 123,486
March21 553.50 556.25
Cattle-Feeder (CME)-50,000 lbs, cents perib
Jan 141.725 142.000 139.225 139.800 -2.000 19,379
March 140.925 141.100 138.600 139.325 -1.650 10,095
Cattle-Live (CME)-40,000 lbs. cents per b
Dec 110.600 110.600 108.950 109.600 -1100 19,012
Feb 21 113.750 113.750
111.675 112.575 -1.350 112,256
Hogs-Lean (CME)-40,000 lbs: cents perib
Dec 66.425 66.450 65.850 66.025 -325 16,568
67.875 68.050 66.725 66.925 -950 84,333
Feb 21
Lumber (CME)-110,000 bd.ft, Sper 1,000 bd.ft
Jan 657.50 663.40
March 626.90 638.50
Milk (CME)-200,000 lbs, cents per b
Dec
15.14 15.50
Jan 21
15.60 16.06
Cocoa (CE-US)-10 metric tons Sporton
Dec
2,897 2,897
March 21 2,648 2,726
653.60 660.00 11.00
1,846
636.00 16.00 735
15.45 26 4,864
15.98 34 3,509
80
2,897 2,897 -10
2,630 2,651 13 95,344
Source: The Wall Street Journal, December 4, 2020, www.wsj.com.
Contract
Open High hilo
Coffee (CE-US)-37,500lbs.cents per b
117.65 117.65
Dec
117.65 117.65
118.60 120.05
March 21 119.65 121.00
Sugar-World (CE-US)-112,000 lbs.cents per b
March 14.62 14.89
May 14.03 14.19
Low Settle
Sugar-Domestic (CE-US)-112,000 lbs.cents per lb.
28.50 28.50
28.51
28.51
28.50
28.51
28.50
March
28.51
Cotton (CE-US)-50,000 lbs,cents per b
69.25
14.58 14.71
13.94 14.04
Jan
125.85 127.50
March 127.40 128.20
91.07
91.03
69.42-57
Dec 69.85 69.85
March 21 71.60 71.968
71.07
71.11
Orange Juice (ICE-US)-15,000 bs-cents per b
Ch
99.9125 99.9125
99.9150 99.9150
08
99.7525 99.7625
99.7900 99.8000
99.7950 99.8050
99.7450 99.7500
136
95 116,177
Open
interest
11 413,003
07 223,217
-38
125.30 126.80 1.15 6,289
126.55
127.95 1.20 3,942
Interest Rate Futures
Ultra Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec
213-290 1-19.0 30,469
171-290
March 21 211-050 212-180 210-210 212-060 1-19.0 1,003,784
Treasury Bonds (CBT)-$100,000.pts 32nds of 100%
Dec
March 21 172-140 173-040 172-050 172-280
Treasury Notes (CBT) $100,000. pts 32nds of 100%
Dec
137-275 138-025
137-305 138-065
March 21 137-165 137-260
137-140 137-210
5Yr. Treasury Notes (CBT)-$100,000 pts 32nds of 100%
Dec 125-150 125-185
March 21 125-242 125-282
125-140 125-167
125-230 125-262
2 Yr. Treasury Notes (CBT)-$200,000.pts 32nds of 100%
Dec 110-126 110-133
March 21 110-122 110-130
110-126 110-132
110-120 110-126
30 Day Federal Funds (CBT)-$5,000,000,100-daily avg
99.9125 99.9150
Index Futures
Mini DJ Industrial Average (CBT)-$5xIndex
Dec
29686 30092
March 21 29782 29990
S&P 500 Index (CME)-$250x Index
Dec
3668.40 3673.40 A 3658.30
1,610
3,359
64
-49 133,285
91.10 Y 90.51
91.03 Y 90.44
Dec
Jan 21
99.9200 99.9200
120,495
150,645
10 Yr. Del. Int. Rate Swaps (CBT) $100,000 pts 32nds of 100%
100-235
8.0 157,513
Dec
Eurodollar (CME)-$1,000,000; pts of 100%
Dec
99.7575 99.7625
March 21 99.7900 99.8050
99.8000 99.8100
June
Dec 99.7500 99.7550
22.0 51,139
23.0 1,109,512
75 79,375
75 3,107,347
2.7 81,914
3.2 3,043,294
7 40,276
61,805,095
Currency Futures
Japanese Yen (CME)-V12,500,000: $ per 100%
Dec
9578 9647
March 21 9589 9661
7742
Canadian Dollar (CME)-CAD 100,000 $per CAD
Dec
March 21 7746
British Pound (CME)-662,500 $ per E
7781 A
7784 A
7727
7731
Dec
13374 1.3502 A 13353 1.3450 0091 144,781
March 21 13382 1.3512A 13366 1.3461 0091 5,864
Swiss Franc (CME) CHF 125,000 $ per CHF
Dec
1.1179 1.1249 A 11171 11221 0058 51,043
March 21 1.1215 1.1282 A 11206 1.1255 .0058 1,165
Australian Dollar (CME)-AUD 100,000 $por AUD
7414 7451A
Dec
7448 0046 129,494
7399
March 21 7419 7456 A 7405 7453 0045 2,845
Mexican Peso (CME)- MXN 500,000 $per MXN
Dec 05001 05030 04988
March 21 04957 04984 04943
Euro (CME)-€125,000 $per €
Dec 12116 12177 A
March 21 12146 1.2205 A
0050 1,103,367
0050 1,133,804
0050 947,506
0050 824,964
.9567 9620 0054 181,520
9582 9634 0054 3,971
7779 0041 136,425
7782 0041 7,640
05020 00032 145,745
04974 00032 3,882
12103 1.2145 0043 622,031
12132 1.2174 0042 29,764
29755 29932 64 88,990
29659 29830 62 7,438
March 21
Mini S&P 500 (CME)-$50x Index
Dec
3671.00 3682.00 3655.25 3664.50 -2.75 2,494,833
March 21 3663.25 3674.00 A 3647.50 3656.75 -2.75 133,159
Mini S&P Midcap 400 (CME)-$100x index
3664.60 -2.70 32,600
3656.80 -2.70 25
2
Dec 2194.20 2216.20 2183.40 2202.70 12.20 53,476
March 21 2191.00 2210.00 2186.70 2198.90 11.60
Mini Nasdaq 100 (CME)-$20xIndex
Dec 12472.00 12540.25 A 12444.00 12462.25
March 21 12474.50 12535.00 12443.00 12459.50
Mini Russell 2000 (CME)-$50x Index
Dec 1842.30 1860.80 1830.30 1847.20
Mini Russell 1000 (CME)-$50x Index
Dec 2046.30 2070.60 A 2057.50 2060.80
U.S. Dollar Index (ICE-US)-$1,000x Index
Dec
March 21
8.00 238,420
8.25 6,117
9.70 550,108
1.30 9,047
90.72 -40 35,676
90.65 -41 1,773
Source FactSet](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F70018f71-7185-4cb2-be6c-94aac78b8d2f%2Fbc5f7816-03ee-4059-a57d-62ce7b2f7c80%2Fiiybz7s_processed.png&w=3840&q=75)
Transcribed Image Text:Table 25.2 Futures Contracts Quote, December 4, 2020
Futures Contracts
Metal & Petroleum Futures
Contract
Open High hilo Low
Copper-High (CMX)-25,000 lbs:$per Ib
Dec 3.4800 3.5055 3.4580
March 21 3.4935 3.5230 A 3.4695
Gold (CMO)-100 troy oz:$per troy oz
Dec
Jan 21
Feb
April
June
Aug
Palladium (NYM)-50 troy oz:$pertroy az
Dec 2360.00 2360.00
March21 2417.60 2431.60
Platinum (NYM)-50 troy oz. $ per troy oz.
Dec
Jan 21 1020.20 1042.10
Silver (CMX)-5,000 troy oz. $ per troy oz
Dec 24.100 24.340
Jan
Feb
March
April
June
1829.20 1842.00
1830.50 1844.00
1833.90 1847.40
1837.00 1850.70
1839.50 1852.90
1843.60 1854.40
Jan
Feb
Jan
Feb
March21 24.220 24.420
Crude Oil, Light Sweet (NYM) 1,000 bbls. $per bb
44.99 45.84
44.66 45.64
45.14
45.98
44.84
45.79
45.24
46.07
44.98
45.91
45.07
45.96
45.06
45.93
Dec
44.46
45.00
NY Harbor ULSD ONYMD-42000 gal. Spergal.
Jan
13541 13933
Feb
45.42
45.46
44.86 45.18
46.13
March
Apri
May
Oct
46.08
1.3612 1.3984
13721 14049
1825.30 1836.80 11.10 15,718
1824.00 1838.40 10.80
2,428
1826.70 1841.10 10.90 396,152
1830.50 1844.70 10.80 69,763
1832.90 1847.10 10.80 31,294
8,469
1836.10 1849.00 10.60
1.2376 1.2664
12447 1.2749
12357
Natural Gas (NYM)-10,000 MMBtu:$per
2.760 2768
2.756 2769
2.706 2711
2.637 2644
2.636 2649
2761
2.792
2225.10 2302.10 -95.30 102
2228.00 2317.90 -90.30 9,561
13633 1.3999
Gasoline-NY RBOB (NYM)-42,000 gal. $ pergal
12239 12617
1.2705
MMBtu
-1037.00 26.60
1
1005.00 1038.60 26.50 48,031
23.935 24.087 0.062 3,337
23.850 24.137 0.057 127,183
2.484
2.486
2.441
2.393
2.405
2.560
Open
Settle Chg interest
3.4790 0.0040 4,633
3.4905 0.0015 167,647
Corn (CBT)-5,000 bucents per bu
Dec 419.25 423.25
March 21 424.00 427.50
Oats (CBT) 5,000 bu, cents per bu
Dec
March21 295.00 301.75
295.00
Soybeans (CBT) 5,000 bu.cents per bu
1154.25 1170.75
1152.00
417.75
422.00
Agriculture Futures
Jan
March 1156.00 1172.50
1154.00
Soybean Meal (CET)-100 tons: $ per ton
Dec
389.80 394.00
389.40
Jan 21
385.60 391.00
384.70
Soybean Oil (CBT)-60,000 bs,cents per b
Dec
37.81 38.72
36.88
Jan 21 37.09 37.80
Rough Rice (CBT)-2000 cwt.Sper cwt
Jan
12.31
12.50
12.41 12.42
12.61 12.61
March
Wheat (CBT)-5,000 bu, cents perbu
Dec
573.50 576.00
March 21 588.50 591.00
Wheat (KC)-5,000 bucents per bu
Dec
568.00
579.75
422.50
426.50
15.14
15.50
2.507 -273 298,896
2.515 -263 96,590
2.476 247 195,204
2.434 -223 86,784
1168.25
1170.25
37.81 38.68
0.36 377,052
0.35 205,147
0.34 192,213
0.32 97,163
2.449 -210 54,769
2.614 184 92,144
0.29 214,184
0.01 282,937
392.80
390.00
0271 110,717
0246 49,764
0218 125,665
0191 46,848
303.75 9.25
300.75
3.50 6,680
2.75 900,392
44
4.25 3,710
15.25 297,028
15.50 261,969
3.30 2,204
4.40 125,693
1.21 1,218
37.73 81 142,999
12.33 -13 8,267
12.52 -12 810
571.75 -6.25 161
584.50 -4.00 196,463
78
545.00 -5.50
544.75 549.75 -4.00 123,486
March21 553.50 556.25
Cattle-Feeder (CME)-50,000 lbs, cents perib
Jan 141.725 142.000 139.225 139.800 -2.000 19,379
March 140.925 141.100 138.600 139.325 -1.650 10,095
Cattle-Live (CME)-40,000 lbs. cents per b
Dec 110.600 110.600 108.950 109.600 -1100 19,012
Feb 21 113.750 113.750
111.675 112.575 -1.350 112,256
Hogs-Lean (CME)-40,000 lbs: cents perib
Dec 66.425 66.450 65.850 66.025 -325 16,568
67.875 68.050 66.725 66.925 -950 84,333
Feb 21
Lumber (CME)-110,000 bd.ft, Sper 1,000 bd.ft
Jan 657.50 663.40
March 626.90 638.50
Milk (CME)-200,000 lbs, cents per b
Dec
15.14 15.50
Jan 21
15.60 16.06
Cocoa (CE-US)-10 metric tons Sporton
Dec
2,897 2,897
March 21 2,648 2,726
653.60 660.00 11.00
1,846
636.00 16.00 735
15.45 26 4,864
15.98 34 3,509
80
2,897 2,897 -10
2,630 2,651 13 95,344
Source: The Wall Street Journal, December 4, 2020, www.wsj.com.
Contract
Open High hilo
Coffee (CE-US)-37,500lbs.cents per b
117.65 117.65
Dec
117.65 117.65
118.60 120.05
March 21 119.65 121.00
Sugar-World (CE-US)-112,000 lbs.cents per b
March 14.62 14.89
May 14.03 14.19
Low Settle
Sugar-Domestic (CE-US)-112,000 lbs.cents per lb.
28.50 28.50
28.51
28.51
28.50
28.51
28.50
March
28.51
Cotton (CE-US)-50,000 lbs,cents per b
69.25
14.58 14.71
13.94 14.04
Jan
125.85 127.50
March 127.40 128.20
91.07
91.03
69.42-57
Dec 69.85 69.85
March 21 71.60 71.968
71.07
71.11
Orange Juice (ICE-US)-15,000 bs-cents per b
Ch
99.9125 99.9125
99.9150 99.9150
08
99.7525 99.7625
99.7900 99.8000
99.7950 99.8050
99.7450 99.7500
136
95 116,177
Open
interest
11 413,003
07 223,217
-38
125.30 126.80 1.15 6,289
126.55
127.95 1.20 3,942
Interest Rate Futures
Ultra Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec
213-290 1-19.0 30,469
171-290
March 21 211-050 212-180 210-210 212-060 1-19.0 1,003,784
Treasury Bonds (CBT)-$100,000.pts 32nds of 100%
Dec
March 21 172-140 173-040 172-050 172-280
Treasury Notes (CBT) $100,000. pts 32nds of 100%
Dec
137-275 138-025
137-305 138-065
March 21 137-165 137-260
137-140 137-210
5Yr. Treasury Notes (CBT)-$100,000 pts 32nds of 100%
Dec 125-150 125-185
March 21 125-242 125-282
125-140 125-167
125-230 125-262
2 Yr. Treasury Notes (CBT)-$200,000.pts 32nds of 100%
Dec 110-126 110-133
March 21 110-122 110-130
110-126 110-132
110-120 110-126
30 Day Federal Funds (CBT)-$5,000,000,100-daily avg
99.9125 99.9150
Index Futures
Mini DJ Industrial Average (CBT)-$5xIndex
Dec
29686 30092
March 21 29782 29990
S&P 500 Index (CME)-$250x Index
Dec
3668.40 3673.40 A 3658.30
1,610
3,359
64
-49 133,285
91.10 Y 90.51
91.03 Y 90.44
Dec
Jan 21
99.9200 99.9200
120,495
150,645
10 Yr. Del. Int. Rate Swaps (CBT) $100,000 pts 32nds of 100%
100-235
8.0 157,513
Dec
Eurodollar (CME)-$1,000,000; pts of 100%
Dec
99.7575 99.7625
March 21 99.7900 99.8050
99.8000 99.8100
June
Dec 99.7500 99.7550
22.0 51,139
23.0 1,109,512
75 79,375
75 3,107,347
2.7 81,914
3.2 3,043,294
7 40,276
61,805,095
Currency Futures
Japanese Yen (CME)-V12,500,000: $ per 100%
Dec
9578 9647
March 21 9589 9661
7742
Canadian Dollar (CME)-CAD 100,000 $per CAD
Dec
March 21 7746
British Pound (CME)-662,500 $ per E
7781 A
7784 A
7727
7731
Dec
13374 1.3502 A 13353 1.3450 0091 144,781
March 21 13382 1.3512A 13366 1.3461 0091 5,864
Swiss Franc (CME) CHF 125,000 $ per CHF
Dec
1.1179 1.1249 A 11171 11221 0058 51,043
March 21 1.1215 1.1282 A 11206 1.1255 .0058 1,165
Australian Dollar (CME)-AUD 100,000 $por AUD
7414 7451A
Dec
7448 0046 129,494
7399
March 21 7419 7456 A 7405 7453 0045 2,845
Mexican Peso (CME)- MXN 500,000 $per MXN
Dec 05001 05030 04988
March 21 04957 04984 04943
Euro (CME)-€125,000 $per €
Dec 12116 12177 A
March 21 12146 1.2205 A
0050 1,103,367
0050 1,133,804
0050 947,506
0050 824,964
.9567 9620 0054 181,520
9582 9634 0054 3,971
7779 0041 136,425
7782 0041 7,640
05020 00032 145,745
04974 00032 3,882
12103 1.2145 0043 622,031
12132 1.2174 0042 29,764
29755 29932 64 88,990
29659 29830 62 7,438
March 21
Mini S&P 500 (CME)-$50x Index
Dec
3671.00 3682.00 3655.25 3664.50 -2.75 2,494,833
March 21 3663.25 3674.00 A 3647.50 3656.75 -2.75 133,159
Mini S&P Midcap 400 (CME)-$100x index
3664.60 -2.70 32,600
3656.80 -2.70 25
2
Dec 2194.20 2216.20 2183.40 2202.70 12.20 53,476
March 21 2191.00 2210.00 2186.70 2198.90 11.60
Mini Nasdaq 100 (CME)-$20xIndex
Dec 12472.00 12540.25 A 12444.00 12462.25
March 21 12474.50 12535.00 12443.00 12459.50
Mini Russell 2000 (CME)-$50x Index
Dec 1842.30 1860.80 1830.30 1847.20
Mini Russell 1000 (CME)-$50x Index
Dec 2046.30 2070.60 A 2057.50 2060.80
U.S. Dollar Index (ICE-US)-$1,000x Index
Dec
March 21
8.00 238,420
8.25 6,117
9.70 550,108
1.30 9,047
90.72 -40 35,676
90.65 -41 1,773
Source FactSet
![Suppose you sell seven March 2021 silver futures contracts on December 4, 2020, at the
last price of the day. Use Table 25.2.
a. What will your profit or loss be if silver prices turn out to be $25.01 per ounce at
expiration? (Enter your answer as a positive value. Do not round intermediate
calculations and round your answer to the nearest whole number, e.g., 32.)
b. What will your profit or loss be if silver prices are $23.13 per ounce at expiration?
(Enter your answer as a positive value. Do not round intermediate calculations and
round your answer to the nearest whole number, e.g., 32.)
a.
b.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F70018f71-7185-4cb2-be6c-94aac78b8d2f%2Fbc5f7816-03ee-4059-a57d-62ce7b2f7c80%2Fmgh8jql_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose you sell seven March 2021 silver futures contracts on December 4, 2020, at the
last price of the day. Use Table 25.2.
a. What will your profit or loss be if silver prices turn out to be $25.01 per ounce at
expiration? (Enter your answer as a positive value. Do not round intermediate
calculations and round your answer to the nearest whole number, e.g., 32.)
b. What will your profit or loss be if silver prices are $23.13 per ounce at expiration?
(Enter your answer as a positive value. Do not round intermediate calculations and
round your answer to the nearest whole number, e.g., 32.)
a.
b.
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