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Suppose you are a cattle rancher and are expecting to deliver your cattle of 600,000 pounds to market in December. There exists a futures contract

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Suppose you are a cattle rancher and are expecting to deliver your cattle of 600,000 pounds to market in December. There exists a futures contract for February delivery trading today at 1517 per pound, and live cattle futures are quoted in cents per pound, and there are 40,000 pounds per contract. The spot price today is 127 ' 7 per pound. You decide to hedge with the February futures contracts. It is now December and you deliver your live cattle at the spot price of 1696 per pound, and close out your futures contracts. The February contracts are trading at 173 '3 per pound. Calculate your net TOTAL revenue received (not per pound) in dollars and cents. Exact responses only, rounded answers receive no credit

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