Use the following corn futures quotes (priced in cents): Corn 5,000 bushels Contract Month Mar May July Sep Open High Low Settle Chg Open Int 455.125 457.000 451.750 452.000 -2.750 597,913 467.000 468.000 463.000 463.250 -2.750 137,547 477.000 477.500 472.500 473.000 -2.000 153,164 475.000 475.500 471.750 472.250 -2.000 29,258 Suppose you sell 14 of the May corn futures at the high price of the day. You close your position later when the price is 467.250. Ignoring commission, what is your dollar profit on this transaction? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Use the following corn futures quotes (priced in cents): Corn 5,000 bushels Contract Month Mar May July Sep Open High Low Settle Chg Open Int 455.125 457.000 451.750 452.000 -2.750 597,913 467.000 468.000 463.000 463.250 -2.750 137,547 477.000 477.500 472.500 473.000 -2.000 153,164 475.000 475.500 471.750 472.250 -2.000 29,258 Suppose you sell 14 of the May corn futures at the high price of the day. You close your position later when the price is 467.250. Ignoring commission, what is your dollar profit on this transaction? (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
Related questions
Question
Transcribed Image Text:Use the following corn futures quotes (priced
in cents):
Corn 5,000 bushels
Contract Month
Mar
May
July
Sep
Open High Low Settle Chg Open Int
455.125 457.000 451.750 452.000 -2.750 597,913
467.000 468.000 463.000 463.250 -2.750 137,547
477.000 477.500 472.500 473.000 -2.000 153,164
475.000 475.500 471.750 472.250 -2.000 29,258
Suppose you sell 14 of the May corn futures at
the high price of the day. You close your
position later when the price is 467.250.
Ignoring commission, what is your dollar profit
on this transaction? (Do not round
intermediate calculations. Round your answer
to 2 decimal places.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education