Use the following corn futures quotes: Corn 5,000...
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Finance
Use the following corn futures quotes:
Corn 5,000 bushels
Contract Month
Open
High
Low
Settle
Chg
Open Int
Mar
455.125
457.000
451.750
452.000
2.750
597,913
May
467.000
468.000
463.000
463.250
2.750
137,547
July
477.000
477.500
472.500
473.000
2.000
153,164
Sep
475.000
475.500
471.750
472.250
2.000
29,258
Suppose you buy 22 of the September corn futures contracts at the last price of the day. One month from now, the futures price of this contract is 463.25, and you close out your position. Calculate your dollar profit on this investment. (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.)
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