Use the following corn futures quotes: Contract Month March May July September Open 455.125 467.000 477.000 475.000 Dollar profit Corn 5,000 bushels Low 451.750 463.000 472.500 Settle 452.000 463.250 High Change 457.000 -2.750 468.000 -2.750 477.500 473.000 -2.000 475.500 471.750 472.250 -2.000 Open Interest 597,913 137,547 153,164 29,258 Suppose you buy 18 of the September corn futures contracts at the last price of the day. One month from now, the futures price of this contract is 462.500, 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.
Use the following corn futures quotes: Contract Month March May July September Open 455.125 467.000 477.000 475.000 Dollar profit Corn 5,000 bushels Low 451.750 463.000 472.500 Settle 452.000 463.250 High Change 457.000 -2.750 468.000 -2.750 477.500 473.000 -2.000 475.500 471.750 472.250 -2.000 Open Interest 597,913 137,547 153,164 29,258 Suppose you buy 18 of the September corn futures contracts at the last price of the day. One month from now, the futures price of this contract is 462.500, 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.
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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Transcribed Image Text:Use the following corn futures quotes:
Contract Month
March
May
July
September
Open
455.125
467.000
477.000
475.000
Dollar profit
Corn 5,000 bushels
Low
Settle
452.000
451.750
463.000 463.250
High
457.000
468.000
477.500
472.500
471.750
475.500
473.000
472.250
Change
-2.750
-2.750
-2.000
-2.000
Open Interest
597,913
137,547
153,164
29,258
Suppose you buy 18 of the September corn futures contracts at the last price of the day. One month from now, the futures price of this
contract is 462.500, 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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