Look at the futures listings for corn in Figure 2.11. Suppose you buy one contract for May 2020 delivery at the closing price. Required: If the contract closes in May at a price of $3.9 per bushel, what will be your profit or loss? (Each contract calls for delivery of 5,000 bushels.) (Round your answer to 2 decimal places.)

FIGURE 2.11

Corn futures prices on the Chicago Mercantile Exchange

September 4, 2019, Maturity Last Change High Low

September-19 3.4500 4.7500 3.5100 3.4450

December-19 3.5750 3.5000 3.6300 3.5650

May-20 3.7925 3.2500 3.8400 3.7850

December-20 3.9725 2.2500 4.0025 3.9700

July 21 4.1875 2.0000 4.2000 4.1825