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2. Today's Dec 2010 Ethanol settlement price was $1.97 per gallon. Suppose that when the contract matures in December, the price of Ethanol turns out to be $2.07 per gallon. a. What will be the profit or loss be for the long position trader who entered the contract at the futures price? b. If each contract calls for delivery of 29,000 gallons what would the dollar profit / loss be to the long position trader