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11. Exxon wants to lock in a price to sell its future production. The firm decides to sell 5,000 Oil future contracts with expiration 24-months

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11. Exxon wants to lock in a price to sell its future production. The firm decides to sell 5,000 Oil future contracts with expiration 24-months from now at $ 101.00 a barrel. Suppose that the spot price of the Oil is $85.00 a barrel when the future contract expires 24-months from now. If one future contract represents 1,000 barrels, what was Exxon's profit/loss with the future market? (4 points)

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