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7. You purchased five August 13 futures contracts on soybeans at a price quote of 1056'6. Each contract is 10! 5,000 bushels with the price

7. You purchased five August 13 futures contracts on soybeans at a price quote of 1056'6. Each contract is 10! 5,000 bushels with the price quoted in cents and 1/8 ths of a cent per bushel. Assume the contract price is 1061'4 when you close out your contract six weeks from now. What will be your total profit or loss on this investment? 2pts Show all work and explain. 100 690.33 28 10566 fuso

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