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A farmer sells corn future contracts on 10,000 bushels of corn at a price of $2.90 per bushel. What are the farmer's total proceeds

A farmer sells corn future contracts on 10,000 bushels of corn at a price of $2.90 per bushel. What are the farmer's total proceeds from the sale of corn if he harvests 12,000 bushels of corn and the spot price of corn at the expiration of the future contract is 3.12 per bushel? $32,640 $34,800 $35,240 $37,440

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