Suppose you sell seven February 2017 silver futures contracts on this day, at the last price of the day. Use Table 23.1 a. What will your profit or loss be if silver prices turn out to be $17.84 per ounce at expiration? (Do not round intermediate calculations. Enter your answer as a positive value rounded to the nearest whole number, e.g., 32.) b. What will your profit or loss be if silver prices are $17.61 per ounce at expiration? (Do not round intermediate calculations. Enter your answer as a positive value rounded to the nearest whole number, e.g., 32.)

Suppose you sell seven February 2017 silver futures contracts on this day, at the last price of the day. Use Table 23.1 a. What will your profit or loss be if silver prices turn out to be $17.84 per ounce at expiration? (Do not round intermediate calculations. Enter your answer as a positive value rounded to the nearest whole number, e.g., 32.) b. What will your profit or loss be if silver prices are $17.61 per ounce at expiration? (Do not round intermediate calculations. Enter your answer as a positive value rounded to the nearest whole number, e.g., 32.) a. Loss b. Profit Open interest 672 120,434 1,387 288,888 63,531 18,296 29,516 4,419 TABLE 23.1 Sample Wall Street Journal Futures Price Quotations Metal & Petroleum Futures Contract Open High hilo Low Settle Chg Copper-High (CMX)-25,000 lbs: $ per lb. Feb 2.6735 2.6735 2.6715 2.6480 -0.0125 March 2.6660 2.6765 2.6410 2.6535 -0.0130 Gold (CMX)-100 troy oz; $ per troy oz. Feb 1239.40 1243-50 1226,90 1235.10 -2.50 April 1242.70 1246.20 1226.10 1236.80 -2.70 June 1246.10 1249.00 1230.00 1240.00 -2.70 Aug 1250.10 1252.00 1235.10 1243.10 -2.80 Dec 1254.00 1256.90 1239.00 1249.20 -2.70 June 18 1266.00 1266.00 1254.80 1259.00 -2.50 Palladium (NYM)-50 troy oz; $ per troy oz. Feb 732.85 732.85 732.85 772.60 March 770.60 778.80 768.00 772.55 2.80 June 771.00 780.00 770.40 774.00 2.85 Sept 775-30 777.00 775.10 775.00 3.60 Platinum (NYM)-50 troy oz; $ per troy oz Feb 978.80 979.10 978.80 1019.20 2.80 April 1019.60 1032.10 1016.20 1022.20 Silver (CMX)-5,000 troy oz.; $ per troy oz. Feb 17.750 17.815 17.750 17.720 0.037 March 17.780 17.845 17.615 17.741 0.036 Crude Oil, Light Sweet (NYM)-1,000 bbls; $ per bbl. March 52.37 53.21 52.37 53.00 0.66 April 52.98 52.95 53.46 0.55 May 53.42 54.10 53.41 53.88 0.51 June 53.90 54.45 53.90 54.25 0.49 2.80 22,948 6,503 17 42 2.80 59,479 179 113,427 53.70 385,634 280,780 192,554 264,679 Dec 0.49 229,809 0.37 111,505 .0055 .0059 111,133 72,273 .0175 .0122 112,099 85,512 .015 .013 197,215 146,224 137,143 3.298 .017 .019 .020 .020 79,485 79,570 93,442 54.79 55-35 54.79 55.21 Dec'18 55.10 55-50 55.04 55-32 NY Harbor ULSD (NYM)-42,000 gal; $ per gal. March 1.6360 1.6624 1.6345 1.6415 April 1.6443 1.6693 1.6435 1.6500 Gasoline NY RBOB (NYM)-42,000 gal; $ per gal. March 1.5510 1.5811 1.5471 1.5702 April 1.7600 1.7800 1.7575 1.7741 Natural Gas (NYM)-10,000 MMBtu; $ per MMBtu. March 3.143 3.189 3.110 3.141 April 3.212 3.253 3.179 3.209 May 3.269 3-311 3.240 3.272 June 3.339 3-365 3-330 July 3-385 3-413 3-350 3-380 Oct 3-385 3.423 3-358 3-392 Agriculture Futures Corn (CBT)-5,000 bu; cents per bu. March 369.50 372.75 367.50 369.50 May 377.25 380.25 375.25 377.25 Oats (CBT)-5,000 bu; cents per bu. March 256.00 257.50 250.00 254-50 May 248.25 254.00 246.00 253.00 Soybeans (CBT)-5,000 bu; cents per bu. March 1057.00 1061.50 1045.00 1050.50 May 1067.25 1071.50 1055.50 1061.50 Soybean Meal (CBT)-100 tons; $ per ton. March 340.70 341.60 335.90 338.40 May 344.80 345.80 340.10 342.60 Soybean Oil (CBT)-60,000 lbs; cents per lb. March 34.67 34.98 34.47 34.67 May 34.96 35.26 34.76 34.95 -1.25 -1.25 500,405 346,739 -50 4,155 3,027 3.00 -8.25 -7.75 248,998 210,368 -2.80 -2.70 126,399 122,484 -.02 123,991 118,319 -.03 9,388 -8.00 -8.50 2,516 179,982 11.00 11.75 May 137.497 9.25 8.50 71,740 69,377 11.00 24.788 9.25 29,537 1.325 19,575 1.075 10,511 Rough Rice (CBT) 2,000 cwt; $ per cwt. March 953.00 960.50 942.00 947-50 May 978.50 984-50 968.00 972.50 Wheat (CBT)-5,000 bu., cents per bu. March 430.50 444.00 429.50 443-50 442.00 455-50 440.75 455.25 Wheat (KC)-5,000 bu; cents per bu. March 440.25 451.75 438.25 451.25 July 465.25 475-25 462.75 475.00 Wheat (MPLS)-5,000 bu; cents per bu. March 557.50 569.50 556.00 568.50 May 556.75 567.00 555-50 566.50 Cattle-Feeder (CME)-50,000 lbs., cents per lb. March 122.525 123.800 121.900 123.625 April 123.250 124.200 122.450 124.050 Cattle-Live (CME)-40,000 lbs; cents per lb. Feb 117.250 117.750 116.775 117.650 April 115.000 115.175 114.125 114.825 Hogs-Lean (CME)-40,000 lbs; cents per lb. Feb 73.900 74.500 73.550 74.225 April 72.125 72.250 70.625 70.775 Lumber (CME)-110.000 bd. ft., $ per 1,000 bd. ft. March 381.70 381.70 373.80 375.40 May 379.60 381.70 375.90 378.40 Milk (CME)-200,000 lbs., cents per lb. Feb 16.87 16.79 16.85 March 16.91 17.03 16.73 16.97 Cocoa (ICE-US)-10 metric tons; $ per ton. March 1,993 2,018 1,969 1,974 May 2,008 2,038 1,988 1,996 Coffee (ICE-US)-37,500 lbs; cents per lb. .875 .075 17,410 144,593 .875 --950 14,671 104,603 2,698 3.50 2.60 1,541 16,89 4,180 .03 4,392 -19 35,455 -15 105,293 1,768 .22 .60 March 143.40 145.70 142.85 145.20 2.30 43,558 May 145.95 148.05 145.25 147.60 2.30 73,254 Sugar-World (ICE-US)-112,000 lbs; cents per lb. March 20.74 21.03 20.62 20.65 -.11 220,619 May 20.72 20.97 20.61 20.65 -.08 224,526 Sugar-Domestic (ICE-US)-112,000 lbs, cents per lb. May 30.40 30.40 30.40 30.32 .07 946 July 30.40 30.40 30.39 30.40 Cotton (ICE-US)-50,000 lbs, cents per lb. March 75.43 76.13 75.25 75-58 33 104,332 May 76.40 77.30 76.40 76.65 97,772 Orange Juice (ICE-US)-15,000 lbs; cents per lb. March 172.65 175.00 171.55 174.00 1.00 7,438 May 167.80 169.75 166.80 168.75 3,434 Interest Rate Futures Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 153-160 153-170 151-310 152-060 -1-030 622,929 June 152-060 152-060 150-240 150-300 -1-030 2,310 Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 125-155 125-155 124-270 124-295 -14.0 3,169,794 124265 124-270 124-105 124-120 - 14.5 68,648 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 118-132 118-132 118-012 118-025 -8.5 3,119,541 June 118-015 118-015 117-230 117-235 -9.0 137,090 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 108-170 108-172 108-142 108-147 -2.0 1,349,070 June 108-060 108-060 108-060 108-055 -2.5 8,979 30 Day Federal Funds (CBT)-$5,000,000; 100-daily avg. Feb 99-343 99.345 99.343 99-342 -.001 100,104 April 99.315 99.320 99-305 99-310 -.005 373,852 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June --438 March 94.703 94.766 94.359 94.438 31,717 1 Month Llbor (CME)-$3,000,000; pts of 100% Feb 99.2275 4,896 Eurodollar (CME)-$1,000,000; pts of 100% Feb 98.9650 98.9650 98.9625 98.9625 -.0025 83,716 March 98.9450 98.9450 98.9300 98.9350 -.0100 1,455,611 June 98.8000 98.8000 98.7750 98.7800 -.0200 1,434,355 Dec 98.5400 98.5450 98.5000 98.5050 -.0300 1,350,776 Currency Futures Japanese Yen (CME)- 12,500,000; $ per 100X March .8948 .8949 .8829 .8834 -.0097 191,960 June .8982 .8986 .8868 .8872-0096 9,846 Canadian Dollar (CME)-CAD 100.000; $ per CAD March .7610 .7639 -7596 -7614 .0011 115.305 June .7619 -7646 7604 .7622 .0011 2,625 British Pound (CME)-62,500; $ per March 1.2544 1.2589 1.2497 1.2502 -.0031 208,495 June 1.2563 1.2616 1.2527 1.2531 -.0032 1,661 Swiss Franc (CME)-CHF 125,000; $ per CHF March 1.0066 1.0079 .9995 .9999 -.0064 47,842 June 1.0100 1.0136 1.0058 -.0064 180 Australian Dollar (CME)-AUD 100,000; $ per AUD March .7636 .7659 -7605 .7622 -.0004 115,779 June .7617 -7641 .7589 -7605 -.0004 1,205 Sept 7576 .7611 -7576 .7593-.0004 688 Mexican Peso (CME)-MXN 500,000; $ per MXN March .04861 .04904 04847 .04879 .00018 142,828 June .04791 .04837 .04782 .04811 .00018 47,992 Euro (CME)-125,000; $ per March 1.0706 1.0721 1.0662 1.0670 -.0029 391,573 June 1.0746 1.0770 1.0712 1.0720 -.0029 10,473 1.0055 134 136 126,519 893 14.10 68,270 1,259 14.20 14.00 2,882,114 14.00 36,548 Index Futures Mini DJ Industrial Average (CBT)-$5 x index March 20010 20158 19982 20136 June 19921 20093 19921 20073 S&P 500 Index (CME)- $250 x index March 2290.70 2307.50 2288.30 2304-30 June 2295-50 2302.90 2295.50 2299.10 Mini S&P 500 (CME)-$50 x index March 2290.50 2307.75 2287.75 2304.25 June 2285.00 2302.75 2282.50 2299.00 Mini S&P Midcap 400 (CME)-$100 x index March 1694-30 1712.80 1691.70 1709.70 Mini Nasdaq 100 (CME)-$20 x index March 5189.8 5219.3 5186.3 5212.3 June 5193-3 5217.8 5186.0 5211.3 Mini Russell 2000 (ICE-US)-$100 x index March 1356.50 1380.10 1354.60 1377.00 June 1357.30 1375.70 1357-30 1374-30 Mini Russell 1000 (ICE-US)-$100 x index March 1275.10 1282.10 1274.60 1280.60 U.S. Dollar Index (ICE-US)-$1,000 x index March 100.24 100.67 100.08 100.65 June 100.58 100.05 100.56 16.30 94,526 21.0 21.0 233,819 621 21.00 21.00 613,166 540 8.50 7,872 38 69,426 100.22 36 2,792