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7. On March 1 a commodity's spot price is $60 and its August futures price is $59. On July 1 the spot price is $64

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7. On March 1 a commodity's spot price is $60 and its August futures price is $59. On July 1 the spot price is $64 and the August futures price is $63.50. you entered into futures contracts on March 1 to hedge its purchase of the commodity on July 1. You closed out the position on July 1. What is the effective price (after taking account of hedging) paid by you

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