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On March 1 the price of oil is $20 and the July futures price is $19. On June 1 the price of oil is $24

On March 1 the price of oil is $20 and the July futures price is $19. On June 1 the price of oil is $24 and the July futures price is $23.50. A company entered into a futures contracts on March 1 to hedge the purchase of oil June 1. It closed out its position on June 1. What is the effective price paid by the company for the oil?

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