Problem 3-12

Use the following corn futures quotes:

Corn 5,000 bushels
Contract Month	Open	High	Low	Settle	Chg	Open Int
Mar	455.125	457.000	451.750	452.000	?2.750	597,913
May	467.000	468.000	463.000	463.250	?2.750	137,547
July	477.000	477.500	472.500	473.000	?2.000	153,164
Sep	475.000	475.500	471.750	472.250	?2.000	29,258

Suppose you sell 19 of the May corn futures at the high price of the day. You close your position later when the price is 465.500. Ignoring commission, what is your dollar profit on this transaction? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Dollar profit

$

Problem 3-14

Use the following quotes for JC Penney stock options:

If you wanted to purchase the right to sell 2,600 shares of JC Penney stock in January 2013 at a strike price of $30 per share, how much would this cost you? (Do not round intermediate calculations. Round your answer to the nearest whole dollar. Omit the "$" sign in your response.)

Price

$

Problem 2-6

You buy 500 shares of stock at a price of $66 and an initial margin of 55 percent. If the maintenance margin is 40 percent, at what price will you receive a margin call? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Margin call price

$