22. In December 19X1 Granny Hamner bought aJanuary 19X2 gold futures contract on the New York Commodity

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22. In December 19X1 Granny Hamner bought aJanuary 19X2 gold futures contract on the New York Commodity Exchange for $487.50 per ounce. Simultaneously, Granny sold an October 19X3 contract for $614.80. At the time, yields on Treasury notes with 1.75 years to maturity were 10.50%. Will this transaction be profitable for Granny? What factors are relevant to making this calculation?

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