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On March 1 a commodity's spot price is $78 and its August futures price is $79. On July 1 the spot price is $74 and

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On March 1 a commodity's spot price is $78 and its August futures price is $79. On July 1 the spot price is $74 and the August futures price is $73. Company A entered into futures contracts on March 1 and closed out its position on July 1 . What is the effective price paid by A ? 80 none of these 78 79 77

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