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If you buy a futures contract, you give yourself the (right/obligation) to (buy/sell) the underlying asset to a preset price (buyers choice, sellers choice, or

If you buy a futures contract, you give yourself the (right/obligation) to (buy/sell) the underlying asset to a preset price (buyers choice, sellers choice, or only on) the day the contract matures. You are betting that the underlying asset will go (up/down).

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