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Ida Cervantes made a bet that the oil price would fall. Thus, on March 12, she initially sold two April 2007 Crude Oil futures contracts
Ida Cervantes made a bet that the oil price would fall. Thus, on March 12, she initially sold two April 2007 Crude Oil futures contracts at $60.00 per barrel. About two weeks later, she offset her short position by buying two April 2007 Crude Oil futures. Each oil contract represents delivery of 1000 barrels. Her initial hope was to have made $10,000. How much would the price per barrel need to have been when she liquidated her position in order for her to make $10,000.
A) $55.00
B) $65.00
C) $50.00
D) $60.00
E) $10.00
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