Refer to Table 23.1 in the text to answer this question. Suppose you sell five May 2014 silver futures contracts this day at the last price of the day. What will your profit or loss be if silver prices turn out to be $19.17 per ounce at expiration? What if silver prices are $19.08 per ounce at expiration?

Table 23.1

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, Futures Contracts wSJ.com/commodities Matal & Petrolaum Futures antroct Opoe Sugar-Worldoc-US)-112000 se 1705 17.351745 17.4 20 19.945 7.61 17.72 15 431.957 Copper High(C)S,000 a,$per Mey 30760 3.0835 3.0210 30255-0.0430 4,00y Ju .040 40795 3.0150 3027S-00455 98.212 Sugar-DomesticICE-USI-11200s cats per ib 24.55 24.45 ·1し 3214 24.50 215 30 3.182 May 1256,001290.50 1286.60129540 .040 June 1255.60 129840 1284 90 1295.0 040 218906 Cotton [ICE-US)50,000s's Au 129550 12950 1285.30 1206.00 050 51,769 May Oct 1293.00 1298.00 1286.00 129610 -050 10,324 July De 125510 129770 856 129020 7510 Orange Jaice OCE-uS)15000h 605 May 15700 157.10 155.20 154.60 240 2.202 6050 161.90 100.30 100.0-7 550 00 1296.00 -025 Aug 129100 129100 129100 1296.00 -050 47 Interest RateFutures Treasury Bonds CCBT) SI DO.c00: ptssad f100% Set 80200 81370 800.00 81345 4,780 Jue 134-130 135000 13-340 134-300 180 733,186 Sept 133-200 134-060 133-050 134-050 130 1753 8120081200 昌120081385 460 Treasury Notes(C3T)$100,00C; ptg ade d100% June 13SL10 1417.20 ▼1391.20 1420.50-3.50 124145 123-240 124-135 13.5 2516.039 122-315 123-170 14.0 12648 uly 1430 20 1431 20 1419.0 1427.50 350 60,875 Silver(CMX)-5,000 T$ pertrey a Mev 15.435 19,450 19.025 19119 -L369 Z Sept 123-025 123-170 tt. y Notes(CDT)$100,000 pt 10 June 119-060 119-150 119-027 119145 97 2078501 Seot 118-100 118-202 118-0N0 118-200 1 18585 510 19.060 19.17 -0364 100,283 miNY Silver (CMK)-2300 Sper troy ce 2Yr. Treasury Nates Cnooo.coma32nts of00% 30 Day Federal Funds (CET000100-drns ioYr. lat. Rate Swaps CCDT) $10.00,rslaano 75-0363 Set 19188 19.18819188 19.200 -0375 9.438 19.438 19.100 24 kune 10-287 109-305 109-280 109 30015 1085,118 Seot 09-200 10S-202 109-182 109-202 20 28.670 CradeOil, Light Sweet (NY-000isgerbtl. Use 1C010075 3492.2154 344 98.72 1 148 192,620 791 98.28 4 101218 e 97.00 910 94.870 9 875 09.845 99870 Sest 98249824 9739-139 107.875 56 94.93-131 214.924June 101-060 101-250 1C2-050101-245 15.5 51.336 - May 993500 998500 99.8500 992500 ユ025 1074 521 292352.9349-0852 4819 Ary 99.6475 998475▲ 99.845099. 4500025 June 2620 2.9620 2.9168 2921 Gasoline-NYRBOB (NYM-42000gal:Spersa 95367 Eurodollar(CME) $1,000,000 pts of 100% Mey 99 7750 997775 99.7750 99.7750 0025 30,057 May 3.0% 3.0405 29928 3,0077 ..355 6,961 Marchas 99.5150996350 99bleo99.csoosi50 LOSLU June 3.0020-3D055:aM4A47829644.0436 123408 Are 994300 09d600 004240qo.4550225010728א Dec ร6.9200989550 96.90#0 96.9ú000450 1.222.978 Natural Gas WYNO-C00B r MMB 472 4 82707 Currency Futures July 61579 Japarese Yen (C 754 4818007 120,745 une 5 5.022 010 7 une16 April 4.272 42 4239015 645 Canadian Dollar(CME GAD 1X,00C:Sper CAD 907 S126 D009 115458 9078 06 9 2385 012 Agriculture Futures Corn(СИТ-5,000 hLcentsperou May 515.00 515.50 509.00 514.00-1.75 35010 Ane 16820 16895▲ 16797 16881 D056 214702 July Ethanol (CBT 29.000 pal:Sperga May British Pound (CME-662 5005 per Swiss Franc CMP Australian Dollar CME) AUD 1D000:per AUD Mexican Peso ICMEON S00000 Sper HXN 20.75 52150 51425 519.00 2.50 627,376 et 103 16880A 294 Jun 11319 11385 1130 1.1349 0043 4695 9212 267 0023 109.395 .วิ7ses .07628.00017 127,104 2.11 2186 -03 1838 Sept 1132611373 11326 1.1378 0048 Oats (CET)-5.000bents per b 11.00 112.5ฎ -250 July 369.00 370.00 358.25 3600 8.75 41 Sept Soyhenns(GBT) 5030be:centsperbu May 1525.00 153200 ▲ 1516.00 153035 6.75 16.868June .07600 .07630 " July 369.00 370.00 358.25 36050 875 461 Sept 1 9211 9146 209 0023 17 Mey 1525.00 153200 ▲ 151600153035 6.25 16.B68 June .0%00.07630 5s.az6amu? 127.104 Jul 151725 151775 1502.25 151275 450 313,722 Sept 07553 07553 0553 07573 00017 May SC1.70 50480 ▲ 499.00 503.60 400 10505 Aine las 10 1317· 13768 13a00 D061 25907e July 49090494 30 ▲ 489.20 493.70 250 109,405 Seot 1uou174 i376e 130680061 u737 EurolJapanese YenCICE-USI-C15,000:prt Mey 42.79 420 16 41 89 8767 e 11 14105 1419 141.0 July42.91 43.00 41 421184 160719 Euro/British Found (ICE-US 25000,Eper lune R21 2R741 ▼B1$8.8217 D00や 1.996 276 Euro/Swiss FBCCICE-US)-ELS,0ea CHF par May 1555.50 1563.00 52.50 156150 1CO July 1556.50 1559.50 i548.00 . 1555.50 150 5,605 June 1 2197L2204 ▲ 1212/ 1.2200 DO02 415 May 70625 716.00 2.25 713.00 500 501 Index Futures ul 715.00 724757105 7150 50024DJIndustrial AvgS0ie Waeat (KC) 5,000u,cants per bi. 16433 16511 444931 July 796.50 815.25 ▲ 793.75 802.50 1250 88.987 Mini DJ IndustrialAverage (CT 1641216511 441?1,673 y 746.50 758 50 74.75 570 9.25 1161 S&P500Index (CNE) $250x ie July 760.00 77125 ▲▼756.2575835 7.50 35513 lune 187040183020 i£66.50 1877.00 610 129.139 Mey130.600 181.425179.900 181.200 25 8202Mini S&P500CMES0d Aug lse.300187.900 ▲ 185.250187.舫 ,925 23,090 June 180501830.25 LE 66.25 1878.00 6252835160 Cattle-Live (CME)-40000;cetsper b April 145.400 148.500 ▲ 144.900145825 .325 June 137 175 137.725 136.575 137200 5 1370 June 134470 135480 1337.80 1353.10 .90 87449 Sept 1865 40 18/24▲ 1860.40 1870.50 610 Sept 1863 25 187275 1859.25 1870.50 00 14711 Nasdaq100に 0shdex June 3557.3 3378.0 35390 5733 95 348588 400 [CME-$100: index May 11.675 110000 112.275 i17.675-2.600 2854 Aine 35S5035ミ100 3537.00 357.25 9.50 16.591 Juhe 124.425 124.500 122.500 123.125-2.150 99408 Mini Nasdaq100 (CME-$20 xīda Lumbar (CME)-IC.OOD be.E$per 1.000 d.f May 36.70 33900 334.80 335.50 140 1074 Sept 35433 3568.0 35348 35665 9.8 July 333.5033460 330.10 331.20-230 3126 Mini Russell2000(ICE-US)-3DOxades June 111500 112670 1103.0 1123. 7.30 323243 June 1039.40 108.70 1039.70 1047.10 370 9.229 79.51 79.53-35 1335 Seot. 114300 1143.00 1135.00 1119.30 7.30 24272432 ▲ 24.27 24.31 ·01 5,011 255 2275 201 22.55 0500 Mini Russell1000 gicE-US)-100xex 44 USDIdexC0es 8002 8002 79.66 7%67-34 1.450 May 20700 208.40 200.90 203.05 -585 uly 1000 211 20 202.00 205.S -605 84567 Source:SIx Finanial intermato