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A farmer plans to harvest 10,000 bushels of wheat and shorts 2 futures contracts at a price of 550 cents per bushel. At expiration of

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A farmer plans to harvest 10,000 bushels of wheat and shorts 2 futures contracts at a price of 550 cents per bushel. At expiration of the contract the spot price and futures price are both 510 cents. How much will be the total proceeds to the farmer when she closes the contract and sells her wheat? Multiple Choice $47,000 $51,000 $55,000 $59,000

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