Suppose you purchase a May $2020$ milk futures contract on this day at the last price of

the day. What will your profit or loss be if milk prices turn out to be $$\mathrm{.}1203$ per pound at

expiration? Use Table $23\mathrm{.}1.($Do not round intermediate calculations and enter your

answer as a positive value rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Table $23\mathrm{.}1$:

Milk $($CME$)200,000$ lb; cents per lb

Open;High

;hi Lo; Low; Settle; Chg

;Open Interest

May $12\mathrm{.}25$ ;$12\mathrm{.}29$

;$12\mathrm{.}20$;$12\mathrm{.}24$;

$...$ ;$4,600$

June $16\mathrm{.}75$; $16\mathrm{.}90$ ;$16\mathrm{.}32$; $16\mathrm{.}66$; $-\mathrm{.}19$; $4,992$