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Suppose that, at a particular time, the September futures price is $1300 and the December futures price is $1340. You are convinced that the spread

Suppose that, at a particular time, the September futures price is $1300 and the December futures price is $1340. You are convinced that the spread between the September and December prices will soon widen, but you have no belief as to whether both prices will rise, or both prices will fall. You take a spread trade based on your belief. On a subsequent date, the September futures price is $1310 and the December futures price is $1320. You gain or loss will be:

a) $10

b) $30

c) $20

d) $40

e) none of these answers

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