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A farmer sells futures contracts at a price of $ 6 . 7 4 per bushel on 1 0 , 0 0 0 bushels of

A farmer sells futures contracts at a price of $

6.74

per bushel on

10, 000

bushels of corn. The spot price of corn is $

6.55

at contract expiration. What is the farmer's profit on the futures contracts?

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