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3. Suppose that in September 2021 a company takes a long position in a contract on May 2022 crude oil futures. The company closes out

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3. Suppose that in September 2021 a company takes a long position in a contract on May 2022 crude oil futures. The company closes out its position in March 2020. The futures price (per barrel) is $68.30 when it enters into the contract and $70.50 when it closes out the position. One contract is for the delivery of 1,000 barrels. What is the company's total profit? When it is realized

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