You Purchased Five August 13 Futures Contracts on Soybeans at a Price

question 30

Multiple Choice

You purchased five August 13 futures contracts on soybeans at a price quote of 1056′6. Each contract is for 5,000 bushels with the price quoted in cents and 1/8ths of a cent per bushel. Assume the contract price is 1061′4 when you close out your contract six weeks from now. What will be your total profit or loss on this investment?

• A)$950.25
• B)$1,187.50
• C)$6,480.75
• D)$16,200.50
• E)$24,000.00

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