On March 1 a commodity's spot price is $60 and its August futures price is $59.5. On July 1 the spot price is $63 and the August futures price is $63.5. A company entered into futures contracts on March 1 to hedge its purchase of the commodity on July 1 . It closed out its position on July 1 . What is the effective price (after taking account of hedging. paid by the company? $63.5 $58.5 $59.5 $59.0 none of the answer is correct