Silver Futures Contracts Are Based on 5,000 Troy Ounces and Are

question 60

Multiple Choice

Silver futures contracts are based on 5,000 troy ounces and are priced in dollars per troy ounce. Suppose a closing report displays these prices for a December contract: Open 17.435, High 17.450, Low 17.025, and Settle 17.119. What is the closing value for two December futures contracts on silver?

• A) $174,350
• B) $174,500
• C) $170,250
• D) $171,190
• E) $172,770

---

Definitions:

Bankruptcy Trustee

A legally appointed individual responsible for managing the financial affairs of a person or business declared bankrupt, including asset liquidation and disbursing proceeds to creditors.

Chapter 7 Bankruptcy

A process under federal law designed to eliminate unsecured debts and liquidate non-exempt assets to pay creditors.

Chapter 7

This typically refers to a chapter of the U.S. Bankruptcy Code dealing with liquidation, where a debtor's assets are sold to pay off creditors.

Secured Party

An individual or entity that has been given a security interest in the property of a debtor as collateral for a loan or obligation.