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Problem 3-12 Futures Quotations (LO3, CFA4) Use the following corn futures quotes: Contract Month Mar May July Sep Open 455.125 467.000 477.000 475.000 Corn 5,000

Problem 3-12 Futures Quotations (LO3, CFA4) Use the following corn futures quotes: Contract Month Mar May July Sep Open 455.125 467.000 477.000 475.000 Corn 5,000 bushels High Low Settle 457.000 451.750 452.000 468.000 463.000 463.250 477.500 472.500 473.000 475.500 471.750 472.250 Chg -2.750 -2.750 -2.000 -2.000 Open Int 597,913 137,547 153, 164 29,258 Suppose you sell 24 of the May corn futures at the high price of the day. You close your position later when the price is 464.375. Ignoring 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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