Use the following corn futures quotes: ...
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Accounting
| 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 |
| 1. | How many of the September contracts are currently open? |
| Contracts |
| 2. | How many of these contracts should you sell if you wish to deliver 85,000 bushels of corn in September? |
| Contracts |
| 3. | If you actually make delivery, how much will you receive? Assume you locked in the settle price. (Do not round intermediate calculations. Round your answer to the nearest whole dollar. Omit the "$" sign in your response.) |
| Price | $ |
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