practice problem :2

28. Matt took a long futures position in 15 cotton contracts. The futures price at that time was 0.52 US cents per pound. What was Matt's total gain/loss if the cotton price at the end of the contract was 0.48 US cents per pound. Each contract required the delivery of 50,000 pounds. Gain of $2,000 d. Loss of $2,000 b. Gain of $30,000 e. Gain of $360,000 c. Loss of $30,000 a