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Question 17 0/2 points On May 1st a commodity's spot price is $51 and its August21 futures price is $60. Two months later on July
Question 17 0/2 points On May 1st a commodity's spot price is $51 and its August21 futures price is $60. Two months later on July 1st the spot price is $69 and the August 21 futures price is $66. You entered into the futures contract on May 1st to hedge the anticipated purchase of the commodity on July 1st. If you close out your position on July 1st, what is the effective price you paid for the commodity
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