Questions 9 to 14 are based on the following information:

On March 1 a commoditys spot price is $59 and its August futures price is $60. On July 1 the spot price is $65 and the August futures price is $64.

Question 9 (1 point)

The bases in March 1 and in July 1 are

Question 9 options:

	$1 and $1, respectively.
	$1 and $1, respectively.
	both $1.
	both $1.

Question 10 (1 point)

Company A entered into futures contracts on March 1 to hedge its sale of the commodity on July 1. It closed out its position on July 1. What is the effective price (after taking account of hedging) received by the company?

Question 10 options:

	$59
	$60
	$61
	$65