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Problem 3-12 Futures Quotations (LO3, CFA4) Use the following corn futures quotes: Corn 5,000 bushels Settle Chg Open Int Contract Month Open Mar May July

Problem 3-12 Futures Quotations (LO3, CFA4) Use the following corn futures quotes: Corn 5,000 bushels Settle Chg Open Int Contract Month Open Mar May July Sep 455.125 457.000 451.750 452.000 2.750 597,913 467.000 468.000 463.000 463.250 -2.750 137,547 477.000 477.500 472.500 473.000 2.000 153,164 475.000 475.500 471.750 472.250 -2.000 29,258 Suppose you sell 21 of the May corn futures at the high price of the day. You close your position later when the price is 464.375 lgnoring commission, what is your dollar profit on this transaction? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Dollar profit

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