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Please solve each of the following problem. 1. (25 points) A trader enters into a...

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Please solve each of the following problem. 1. (25 points) A trader enters into a long cotton futures contract when the futures price is 40 cents per pound. The contract is for the delivery of 25,000 pounds. How much does the trader gain or lose if the cotton price at the end of the contract is (a) 35 cents per pound; (b) 42 cents per pound

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