Question 7 Not yet answered Marked out of 5.0 Flag question Suppose that Mr Memela, a wheat farmer, is expecting to harvest 6500 bushels of wheat in 9 months. Concerned with future price fluctuations of wheat, he entered into 65 futures contracts with each contract covering 100 bushels of wheat at a futures price of R80.55 per bushel. If each bushel of wheat currently trades for R78.04 at the market and R86.03 at maturity, determine Mr Memela's effective selling price per bushel if he ends up harvesting 1523 bushels of wheat at maturity. ROUND OFF YOUR ANSWER TO TWO DECIMAL PLACES AND INSERT ONLY THE NUMERICAL VALUE. Answer: