QUESTION 16 The contract size for platinum futures is 50 troy ounces. Suppose you need 450 troy ounces of platinum and the current futures price is $1,125 per ounce. How many contracts do you need to purchase? How much will you pay for your platinum? What is your dollar profit if platinum sells for $1,160 a troy ounce when the futures contract expires? $? What if the price is $1,070 at expiration? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole number.) QUESTION 17 Use the following corn futures quotes: Corn 5,000 bushels Contract Month Open High Low Mar 455.125 457.000 451.750 May 467.000 468.000 463.000 477.000 477.500 472.500 Sep 475.000 475.500 471.750 Settle 452.000 463.250 473.000 472.250 Chg -2.750 -2.750 -2.000 -2.000 Open Int 597,913 137,547 153,164 29,258 July Suppose you sell 25 of the May corn futures at the high price of the day. You close your position later when the price is 474.375. Ignoring commission, what is your dollar profit on this transaction? (Do not round intermediate calculations. Round your answer to 2 decimal places and enter negative with a "minus")