Suppose today is December $4,2020,$ and your firm produces breakfast cereal and needs $85,000$ bushels of corn in March $2021$ for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might go up between now and March. Use Table $25\mathrm{.}2$

a$.$

What is the total price you are locking in for the $85,000$ bushels of corn based on the day's closing price? $($Do not round intermediate calculations and round your answer to the nearest whole number, e$.$g$.,32.)$

b$.$ Suppose corn prices are $$4\mathrm{.}81$ per bushel in March. What is the profit or loss on your futures position? $($Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e$.$g$.,32.)$