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A speculator expects the March-June spread to widen and opens a calendar spread selling the March futures for $3/bushel and buying the June futures for

A speculator expects the March-June spread to widen and opens a calendar spread selling the March futures for $3/bushel and buying the June futures for $3.50/bushel.

On February 25 the speculator closes out the spread. Calculate the speculators Profit or Loss is on February 25 the futures prices were:

$3.15/bushel for March and $3.85/bushel for June

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