Suppose you sell ten May 2018 silver futures contracts on March 27, 2018, at the last price of the day Use Table 25 2 a What will your profit or loss be if silver prices turn out to be $16 77 per ounce at expiration (Enter your answer as a positive value Do not round intermediate calculations and round your answer to the nearest whole number, e g , 32 ) b What will your profit or loss be if silver prices are $16 32 per ounce at expiration (Enter your answer as a positive value Do not round intermediate calculations and round your answer to the nearest whole number, e g , 32 ) a Net loss b Net gain Table 25 2 Futures Contracts Quote, March 28, 2018 SOURCE The Wall Street Journal, March 28, 2018 www wsj com June Contract Open Open High No Low Sattle Chg interest Sugar World OCE US) 11 2000 tbs cents per May 1242 12 58 1235 12 54 12 417,98 July 126 127 12 54 12 66 10 234,770 Sugar Domestic OCE US) 112,000 tbs certs per 2445 24 45 2446 2445 03 July 25 05 25 052491 25 02 13 2014 Cotton US)50 000 lbs contsperit May 81 38 22 77 81 72 24 111,430 Dec 77 50 77 92 77 50 77 82 04 72,850 Orange Juice (ICE US) 15 000 lbs cortsport May 138 10 138 35 136 20 137 7) 209,537 July 132 40 13 60 137 00 138 00 190 2,977 Interest Rate Futures Treasury Bonds (CBT) 5100,000 pts 32nds of 100 June 144 140 145 280 141 100 145 200 29 0 793,328 Sept 19 280 14 150 143 280 144 210 30 0 78 Treasury Notes (CBT) $100 000 pts 3rds of 100 1Z0 120 121 015 120 130 120 290 14 0 3,490,47 Sept 120 090 120 195 120 030 120 205145 5 Yr Treasury Notes (CBT) $100,000 ps 32nds of 100 March 114 112 114 112 114 160 114215 92 2,819 June 114 015 114 145 114007 114120 9 3 361,565 2 Yr Treasury Notes (CBT) $200,000 pls 32es of 100 March 106 17 16 18 106 172 106 185 17 11 641 June 1 06 077 106 117 106 072 106 107 2 7733 30 Day Federal Funds (GT 55 000 000 000 calyang March 98 500 9 500 9 490 9 490 122 22 Apr 983259375 98 320 98 325 364065 10 Yr Del Int Rate Swaps (CT) $100,000 ps 32nds of 100 5 909 08193 909 68 563 27,183 1 Month Libor (ONE $3 000 000 pts of 100 May 98 1000 98 1000 92 1000 18 1078 0175 LA 97 9950 97 9600 97 9550 97 2750075 Eurodollar (CME S2,000,000 pts of 100 April 97 7200 97 7450 97 7200 97 7400 200 303,879 June 92 6800 92 7400 97 5800 97 7300 1500 1 771 799 97 4750 975500 W 4700 97 5400 0600 2,045,185 Dec 19 97 1390 972350 97 1300 97 2200 200 2 107 522 Currency Futures Japanese Yen (OME) V12 500 000 Spar 100 April 94889500 9460 9489 0030 851 June 9527 9546 9454 9528 0030 158 978 Canadian Dollar (ME) CAD 100 000 Sper CAD Apr 7792 7760 7 2005 7795 25 776177 0006 121,883 British Pound (CE) 62,500 per Apri 14248 24248 14083 1446 0074 125 14285 14293 1403 1 2001 2075 136,805 Swiss Franc (OMECF 13 000 Sper OF 10656 10674 L0509 LM32 0021 398 Australian Dollar (CME) AUD 100,000 per AUD April 77497754 7680 1688 0047 1,390 May 7735 7750 1494 1468 0047 492 77577760 7677 2009 00498,419 Sept 7756 7763 7628 95 0048 Dec 7740 7740783 7701 0040 Mexican Peso (CHE) MXN 500 00Q Spor MXN 0532053 0536105981 00016 197,395 Euro (CME C125 000 $ 12477 1 2495 12395 12021 0056 1,781 June 12525 12554 L248 2478 005 503,363 Futures Contracts Metal Petroleum Futures Contract Open Open High to Low Settle ang interest Copper High (CMX) 25 000 bs Sperib March 2 9750 2 9775 2 9760 2 9915 0 0310 302 May 2 9540 3 0290 29775 3 0005 0 03 150,761 Gold (CM 100 troy Sperry March BL 13 10 75 April 1353 00 1356 30 1339 60 1362 00 13 00 10 30 1390 30 1362 60 1345 60 1347 90 13 00 327,450 Aug 1365 80 1368 70 135L90 1354 10 13 00 40 357 Od 1371 00 1372 00 1359 00 1360 10 13 00 6 301 Dec 1376 80 1380 90 136420 1366 50 13 10 45 274 Palladium NYM 50 trypertroy March 975 30 4 1 Jure 970 80 97895 966 60 971 30 495 22,978 Sept 57 10 9810 965 00 6 65 4 1199 Platinum ONYMO 50try Sper troy Art 952 80 961 60 999 20 946 70 2 70 12 588 July DO 952 00 4 50 6 198 Silver (CMX 5 000 troy apertoyee March 16 68 0 143 84 May 16 690 16 000 16 465 16611 0 18 219 163 Crude Oil, Light Sweet NYMELDOO Sertibi May 65 55 66 41 5453 45 25 0 30 512,658 June 65 47 6 27 549 5 13 0 23 347,725 July 65 00 55 88 6417 64 86 0 17 156,042 Sept 64 00 54 71 0 09 170 143 2 35 805 61 68 0 01 251,198 Dec 19 99 52 811 57 14 92 67 0 15 130 239 NY Harbor ULSDONYM 42000 gal Spergal April 2017020460 20050 2 0224 0074 25,793 May 20199 20485 2 0065 20342 0062 128 061 Gasoline NY RBOB ONYM 42000 gal Spergal April 2011020330 1 9987 20135 0031 25 530 May 20199 20425 20060 20210 000 150,198 Natural Gas NYM 10 000 MMS per Motu April 2629 27 2123 201 073 5 560 2669 2721 2 000 2714 057 309,906 June 2 728 2 774 2719 2 766 050 93,390 July 2789 2030 2 790 045 154,195 Sept 279 2 129 272 2 223 039 749 Od 2805 2342 2795 2 856 040 130 534 Agriculture Futures Com(CBT) 5000 bucetsperbu May 37000 376 00 372 25 374 00 655,199 July 282 50 3450 380 75 0 50 Oats (CBT) 5 000 bu cents per bu May 227 75 228 75 225 50 226 00 402 July 236 50 236 50 233 00 283 50 1 75 137 Soybeans (CBT) 5000 bu cents per bu May 1027 00 2031 25 101725 101950 6 00 352,099 1037 75 12 00 1012800 1030 25 4 25 244829 Soybean Meal (CET) 100 tons Sporton May 37 70 378 50 371 50 372 40 2 50 190,304 July 370 40 341 00 31420 37 10 2 70 123,062 Soybean Oil (CBT) 60,000 lbs comperb May 31 46 31 54 3135 31 56 12 237,560 July 31 72 3189 3125 13 123,056 Rough Rice (CRT) 2000 wt Spercut May 1262 00 1250 00 1239 50 1244 50 2 50 5,814 July 1261 50 1262 50 1255, 1261 00 1340 Wheat (CBT) 5,000 bucets perbu May 454 25457 50 448 75 449 00 5 25 223,995 July 471 50 474 00 466 00 6 50 5 00 120 565 Wheat C) 5 000 buscorts per bu May 469 50 473 00 463 75 4 00 4 15 108 637 July 483 50 492 00 43 00 3 50 4 15 10,634 Wheat MPLS) 5,000 buscants perbu May 597 75 604 00 591 25 583 25 4 00 32,549 605,25 61125 599 75 675 3 5 12,612 Cattle Feeder (CME) 50,000 lbs cents per March 135 000 135 000 135 000 135 65 500 3264 May 135 550 137 375 135 475 136 550 800 19,288 Cattle Live(CMB) 40 000 lbs centsport April 115 400 116 575 115 000 115 es 250 45 226 June 105 325 126 675 104 900 105 750 050 160,211 Hogs Lean(CMB) 40 000 lbs cents per April 58 000 51 225 57 5 2 750 25 25,619 74 150 74 750 73 725 24 025 075 97,970 Lumber (CMD10,000 had Sper 1 000 bd It May 499 40 507 10 498 00 07 00 9 90 501 July 485 00 40 90 402 00494 90 10 00 313 Milk (OME) 200,000lbstspert March 14 22 14 23 1422 4245 May 14 39 14 40 153379 Cocoa CE US) 10 tons perton May 2,423 2,423 2,534 2 554 110,787 2 650 2 650 2,561 2 523 59 76,393 Coffee CE US) 37 500 Escortpab May 118 40 119 75 u 118 95 30 140,765 July 122 45 121 70 119 8 121 00 160 59 291 May July July Index Futures Mini DJ Industrial Average (CBT)$5x de June 2201 2235 23691 23859 332 102,806 Sept 242312454 23736 23890 337 190 S P 500 Index (OME S250 x index ke 2661 20 267920 298 00 2015 0 43 0 90,5 Mini S P500(OME50xd 265850 267 75 2596 00 2015 75 4 75 2,061,651 Sept 2665 00 2604 3 2000 75 2620 35 44 25 56,306 Mini S P Midcap 400(OME) $100x index June 101201892 1943 90 185190 21 707 10 Mini Nasdaq 100(OME) $20 de $775 3 68493 4900 5613 2123 229,719 Sept 60145 68790 65225 6592 3 213 0 Mini Russell 2000 ICE US) 5100 xIndex 1548 00 1557,00 1509 30 1518 90 20 30 9,254 Mini Russell 1000 OCE US S100x des 1478 20 347 20 14100 1451 14 20 U S Dollar Index (KE US) SLD index 3153 22 98 05 35,464 Sept 8819 38 Source Six Pinanctal Information 1039

Question

Suppose you sell ten May 2018 silver futures contracts on March 27, 2018, at the last price of the day  Use Table 25 2  a  What will your profit or loss be if silver prices turn out to be $16 77 per ounce at expiration  (Enter your answer as a positive value  Do not round intermediate calculations and round your answer to the nearest whole number, e g , 32 ) b  What will your profit or loss be if silver prices are $16 32 per ounce at expiration  (Enter your answer as a positive value  Do not round intermediate calculations and round your answer to the nearest whole number, e g , 32 ) a Net loss b  Net gain Table 25 2 Futures Contracts Quote, March 28, 2018 SOURCE The Wall Street Journal, March 28, 2018  www wsj com  June Contract Open Open High No Low Sattle Chg interest Sugar World OCE US) 11 2000 tbs cents per May 1242 12 58 1235 12 54 12 417,98 July 126 127 12 54 12 66  10 234,770 Sugar Domestic OCE US) 112,000 tbs certs per 2445 24 45 2446 2445 03 July 25 05 25 052491 25 02 13 2014 Cotton US)50 000 lbs contsperit May 81 38 22 77 81 72 24 111,430 Dec 77 50 77 92 77 50 77 82 04 72,850 Orange Juice (ICE US) 15 000 lbs cortsport May 138 10 138 35 136 20 137 7)  209,537 July 132 40 13 60 137 00 138 00 190 2,977 Interest Rate Futures Treasury Bonds (CBT) 5100,000  pts 32nds of 100  June 144 140 145 280 141 100 145 200 29 0 793,328 Sept 19 280 14 150 143 280 144 210 30 0 78 Treasury Notes (CBT) $100 000 pts 3rds of 100  1Z0 120 121 015 120 130 120 290 14 0 3,490,47 Sept 120 090 120 195 120 030 120 205145 5 Yr  Treasury Notes (CBT) $100,000 ps 32nds of 100  March 114 112 114 112 114 160 114215 92 2,819 June 114 015 114 145 114007 114120 9 3 361,565 2 Yr  Treasury Notes (CBT) $200,000  pls 32es of 100  March 106 17 16 18 106 172 106 185 17 11 641 June 1 06 077 106 117 106 072 106 107 2 7733 30 Day Federal Funds (GT 55 000 000 000 calyang March 98 500 9 500 9 490 9 490   122 22 Apr 983259375 98 320 98 325 364065 10 Yr  Del  Int  Rate Swaps (CT) $100,000 ps 32nds of 100  5 909 08193 909 68 563 27,183 1 Month Libor (ONE $3 000 000 pts of 100  May 98 1000 98 1000 92 1000 18 1078 0175 LA 97 9950 97 9600 97 9550 97 2750075 Eurodollar (CME S2,000,000  pts of 100  April 97 7200 97 7450 97 7200 97 7400 200 303,879 June 92 6800 92 7400 97 5800 97 7300 1500 1 771 799 97 4750 975500 W 4700 97 5400 0600 2,045,185 Dec 19 97 1390 972350 97 1300 97 2200 200 2 107 522 Currency Futures Japanese Yen (OME) V12 500 000 Spar 100  April 94889500 9460 9489  0030 851 June 9527 9546 9454  9528  0030 158 978 Canadian Dollar (ME) CAD 100 000 Sper CAD Apr 7792 7760 7   2005 7795 25 776177 0006 121,883 British Pound (CE) 62,500 per Apri 14248 24248 14083 1446  0074 125 14285 14293 1403 1 2001   2075 136,805 Swiss Franc (OMECF 13 000 Sper OF 10656 10674 L0509 LM32 0021 398 Australian Dollar (CME) AUD 100,000 per AUD April 77497754 7680 1688 0047 1,390 May 7735 7750 1494 1468 0047 492 77577760 7677 2009 00498,419 Sept 7756 7763 7628 95 0048 Dec 7740 7740783 7701  0040 Mexican Peso (CHE) MXN 500 00Q Spor MXN 0532053  0536105981 00016 197,395 Euro (CME C125 000 $ 12477 1 2495 12395 12021 0056 1,781 June 12525 12554 L248 2478  005 503,363 Futures Contracts Metal   Petroleum Futures Contract Open Open High to Low Settle ang interest Copper High (CMX) 25 000 bs Sperib March 2 9750 2 9775 2 9760 2 9915 0 0310 302 May 2 9540 3 0290 29775 3 0005 0 03  150,761 Gold (CM 100 troy Sperry March   BL  13 10 75 April 1353 00 1356 30 1339 60 1362 00  13 00 10 30 1390 30 1362 60 1345 60 1347 90  13 00 327,450 Aug 1365 80 1368 70 135L90 1354 10  13 00 40 357 Od 1371 00 1372 00 1359 00 1360 10  13 00 6 301 Dec 1376 80 1380 90 136420 1366 50  13 10 45 274 Palladium NYM 50 trypertroy March 975 30 4   1 Jure 970 80 97895 966 60 971 30 495 22,978 Sept 57 10 9810 965 00 6 65 4  1199 Platinum ONYMO 50try  Sper troy Art 952 80 961 60 999 20 946 70 2 70 12 588 July DO 952 00  4 50 6 198 Silver (CMX 5 000 troy apertoyee March 16 68  0 143 84 May 16 690 16 000 16 465 16611 0 18 219 163 Crude Oil, Light Sweet NYMELDOO Sertibi May 65 55 66 41 5453 45 25  0 30 512,658 June 65 47 6 27 549 5 13  0 23 347,725 July 65 00 55 88 6417 64 86  0 17 156,042 Sept 64 00 54 71  0 09 170 143 2 35 805 61 68 0 01 251,198 Dec 19 99 52 811 57 14 92 67 0 15 130 239 NY Harbor ULSDONYM 42000 gal Spergal April 2017020460 20050 2 0224 0074 25,793 May 20199 20485 2 0065 20342 0062 128 061 Gasoline NY RBOB ONYM 42000 gal  Spergal April 2011020330 1 9987 20135 0031 25 530 May 20199 20425 20060 20210 000 150,198 Natural Gas NYM 10 000 MMS per Motu April 2629 27 2123 201 073 5 560 2669 2721 2 000 2714 057 309,906 June 2 728 2 774 2719 2 766 050 93,390 July 2789 2030 2 790 045 154,195 Sept 279 2 129 272 2 223 039 749 Od 2805 2342 2795 2 856 040 130 534 Agriculture Futures Com(CBT) 5000 bucetsperbu May 37000 376 00 372 25 374 00 655,199 July 282 50 3450 380 75 0 50 Oats (CBT) 5 000 bu cents per bu  May 227 75 228 75 225 50 226 00 402 July 236 50 236 50 233 00 283 50  1 75 137 Soybeans (CBT) 5000 bu cents per bu May 1027 00 2031 25 101725 101950  6 00 352,099 1037 75 12 00 1012800 1030 25  4 25 244829 Soybean Meal (CET) 100 tons Sporton May 37 70 378 50 371 50 372 40  2 50 190,304 July 370 40 341 00 31420 37 10  2 70 123,062 Soybean Oil (CBT) 60,000 lbs comperb May 31 46 31 54 3135 31 56 12 237,560 July 31 72 3189 3125  13 123,056 Rough Rice (CRT) 2000 wt  Spercut May 1262 00 1250 00 1239 50 1244 50  2 50 5,814 July 1261 50 1262 50 1255, 1261 00 1340 Wheat (CBT) 5,000 bucets perbu May 454 25457 50 448 75 449 00  5 25 223,995 July 471 50 474 00 466 00 6 50  5 00 120 565 Wheat C) 5 000 buscorts per bu May 469 50 473 00 463 75 4 00 4 15 108 637 July 483 50 492 00 43 00 3 50 4 15 10,634 Wheat MPLS) 5,000 buscants perbu May 597 75 604 00 591 25 583 25  4 00 32,549 605,25 61125 599 75 675  3 5 12,612 Cattle Feeder (CME) 50,000 lbs  cents per March 135 000 135 000 135 000 135 65 500 3264 May 135 550 137 375 135 475 136 550 800 19,288 Cattle Live(CMB) 40 000 lbs centsport April 115 400 116 575 115 000 115 es 250 45 226 June 105 325 126 675 104 900 105 750  050 160,211 Hogs Lean(CMB) 40 000 lbs  cents per April 58 000 51 225 57 5  2 750  25 25,619 74 150 74 750 73 725 24 025  075 97,970 Lumber (CMD10,000 had  Sper 1 000 bd  It May 499 40 507 10 498 00 07 00 9 90 501 July 485 00 40 90 402 00494 90 10 00 313 Milk (OME) 200,000lbstspert March 14 22 14 23 1422 4245 May 14 39 14 40 153379 Cocoa CE US) 10 tons perton May 2,423 2,423 2,534 2 554   110,787 2 650 2 650 2,561 2 523  59 76,393 Coffee CE US) 37 500 Escortpab May 118 40 119 75 u  118 95  30 140,765 July 122 45 121 70 119 8 121 00 160 59 291 May July July Index Futures Mini DJ Industrial Average (CBT)$5x de June 2201 2235 23691 23859 332 102,806 Sept 242312454 23736 23890  337 190 S P 500 Index (OME S250 x index ke 2661 20 267920 298 00 2015 0 43 0 90,5  Mini S P500(OME50xd 265850 267 75 2596 00 2015 75  4 75 2,061,651 Sept 2665 00 2604 3 2000 75 2620 35 44 25 56,306 Mini S P Midcap 400(OME) $100x index June 101201892 1943 90 185190  21 707 10 Mini Nasdaq 100(OME) $20 de $775 3 68493 4900 5613 2123 229,719 Sept 60145 68790 65225 6592 3  213 0 Mini Russell 2000 ICE US) 5100 xIndex 1548 00 1557,00 1509 30 1518 90  20 30 9,254 Mini Russell 1000 OCE US S100x des 1478 20 347 20 14100 1451 14 20 U S  Dollar Index (KE US) SLD index 3153 22 98 05 35,464 Sept 8819 38 Source  Six Pinanctal Information 1039

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Suppose you sell ten May 2018 silver futures contracts on March 27, 2018, at the last price of the day. Use Table 25.2. a. What

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