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You decided to speculate in the market and sold 7 platinum futures contracts when the futures price was $385 per troy ounce. The price on the contract maturity date was $400. The contract size is 50 troy ounces. What was your total profit or loss on the settlement day if you had to cover your position in the spot market? Show your answer to the nearest $. Do not use $ or, signs in your answer. Use a - sign if you lose money.

You decided to speculate in the market and sold 7 platinum futures contracts when the futures price was $385 per troy ounce. The price on the contract maturity date was $400. The contract size is 50 troy ounces. What was your total profit or loss on the settlement day if you had to cover your position in the spot market? Show your answer to the nearest $. Do not use $ or, signs in your answer. Use a - sign if you lose money.

Essentials Of Investments
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
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You decided to speculate in the market and sold 7 platinum futures contracts when the futures price was $385 per troy ounce. The price on the contract maturity date was $400. The contract size is 50 troy ounces. What was your total profit or loss on the settlement day if you had to cover your position in the spot market? Show your answer to the nearest $. Do not use $or, signs in your answer. Use a - sign if you lose money.
Transcribed Image Text:You decided to speculate in the market and sold 7 platinum futures contracts when the futures price was $385 per troy ounce. The price on the contract maturity date was $400. The contract size is 50 troy ounces. What was your total profit or loss on the settlement day if you had to cover your position in the spot market? Show your answer to the nearest $. Do not use $or, signs in your answer. Use a - sign if you lose money.
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