Assume that Jack enters the appropriate futures position (in the December contract) to hedge his price risk at a futures price of $6.7525/bu. In the fall, Jacks sells his harvest of 220,000 bushels to his local grain elevator, who pays him the prevailing spot price of $6.0575/bu. Simultaneously, Jack executes an offset trade in the futures market. Assume that, due to convergence, the futures price on that date is equal to the spot price. What is Jack's cumulative profit from the futures transaction and what are his proceeds from selling his corn? The total proceeds include the profit (or loss) from the futures transactions. (Assume that you can trade a fractional number of contracts.)